Mnuchin Considering Visit to China to Discuss Trade Practices

Trade disputes, debt burden threaten global growth: IMF

Trade disputes, debt burden threaten global growth: IMF

Mnuchin said China has been "very helpful" in supporting U.S. sanctions against North Korea, and he welcomed Kim's suspension of nuclear testing that was announced less than a day earlier. The IMFC, the main advisory panel for the IMF, is composed of ministers and central bank governors from about two-dozen countries, including the United States and China. And cutting government debts is urged.

The IMF forecasts 3.9 percent growth this year and next, the fastest since 2011, thanks to increasing investment and solid job growth.

"The trade dispute is not between China and the USA people, but between China and Trump's protectionist-minded administration".

On the conclusion of the annual spring meeting of the International Monetary Fund and the World Bank, the IMFC meeting chaired by South African Governor of Reserve Bank Lesetja Kganyago in a communique urged the International Monetary Fund to work closely with members to strengthen fiscal frameworks and improve debt management capacity, and to work with debtors and creditors on promoting sustainable lending practices and tackling data gaps.

Many have used the finance meetings to protest President Donald Trump's protectionist trade policies, which mark a reversal of seven decades of USA support for ever-freer global commerce.

But U.S. Treasury Secretary Steven Mnuchin expressed cautious optimism Saturday that countries could settle their differences without a trade war.

"It is important that as a global community we keep trade open, we ensure that we work within the multilateral system and that we have to make sure if there are disputes, these disputes are resolved", she said.

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Ken Kang, Deputy Director of Asia and Pacific Department at the International Monetary Fund, said that in recent years India has made very impressive progress in reforms, reports PTI. "We urge the International Monetary Fund to speak out more forcefully on the issue of external imbalances".

Many have used the finance meetings to protest President Donald Trump's protectionist trade policies, which mark a reversal of seven decades of U.S. support for ever-freer global commerce.

The Treasury Secretary reiterated the global economy could grow at a much faster pace if the worldwide regulatory framework was up to date. "Relatively buoyant revenues supported by base-broadening efforts and lower capital expenditures were offset by higher spending (including higher compensation to states for the rollout of the new goods and service tax) and lower profit transfers from the Reserve Bank of India due to costs incurred during the demonetization", it said.

"We agree that the IMF will need to consider the effects of technology and digitalisation in its macroeconomic analysis, including on inequality, productivity, labor and financial markets, fiscal policy, monetary policy, and measurement of the digital economy", it said.

The World Bank's policy committee has approved a $13 billion increase in the bank's lending capacity.

Finance leaders repeatedly sounded warnings about a potential trade war.

Escalating tensions between the U.S. and China have rattled financial markets and raised concerns the world is barreling toward a trade war.

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