The External Sector Report of the IMF released on Wednesday by Chief Economist Gita Gopinath also found that India's Net International Investment Position had slightly improved with the deficit coming down from $438 billion in 2017-18 to $431 billion in 2018-19.
Two weeks ago, Lagarde was nominated for the presidency of the European Central Bank (ECB), as part of the European Union (EU) leaders' agreement on the future leadership of top EU institutions. She then decided to temporarily step down from the IMF leadership during the nomination period.
Christine Lagarde on Tuesday resigned as the Managing Director of the International Monetary Fund (IMF). This comes just hours before a vote on her nomination to become head of the European Central Bank (ECB). Lagarde's resignation comes into effect from September 12, 2019.
The IMF also released a brief assessment of the current economic situation in Pakistan, along with a summary of the IMF programme for the country, noting that the Pakistani economy was at a critical juncture.
This decision followed the US ending India's $5.6 billion trade concessions under the Generalised System of Preferences (GSP) programme.
The agreement now awaits a formal approval by the International Monetary Fund (IMF) board, Dawn news quoted Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh as saying.
The IMF's bailout package to cash-strapped Pakistan could be delayed as the global lender is pressing it to be transparent on the CPEC project and wants a written guarantee from Islamabad that its assistance will not be used to repay the loans to China, a media report said on Monday.
"Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," IMF communications director Gerry Rice said.
IMF economist Bluedorn noted that the key challenges facing youth in emerging economies labour markets include gender gaps, technological change, poor job quality in employment.
India's economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease," the IMF said.
Minister Umar made the remarks during a meeting with businessmen at the Karachi Chamber of Commence and Industry (KCCI).
Another important concern, she said, is the health of emerging markets as the US continues to normalize its interest rates.
The United States is also trying to ensure that Pakistan changes its economic programme so that it's not a failure in the future.
Pakistani Rupee suffered a massive hit on Friday as the dollar rose to all time high at Rs 144, a day after the government celebrated its 100-day achievements.
The International Monetary Fund mission is in Pakistan and holding talks with officials over arranging an unspecified amount to help in addressing the balance of payment issue.
Chinese foreign ministry spokesman Lu Kang said that China wants an "objective and professional" evaluation of its loans to Pakistan by the IMF.
Pakistan began exploring the possibility of yet another loan package with the IMF while the Pakistan Muslim League (Nawaz) PML-N was still in power and the exploratory talks continued under the interim government as well.
"Several factors are responsible for the recent fall in the Chinese Yuan, or renminbi (RMB), including economic issues in China", Mnuchin told Financial Times ahead of meetings in Bali, Indonesia of the IMF, World Bank and G20.
In its latest fiscal stability report, the IMF said that despite an undeniable progress towards a safer global financial system in a decade since the economic crisis, clouds still appear over the horizon.
The global financial institution urged the world leadership to endow women with requisite skills, close gender gap in leadership positions, bridge the digital divide and ease transition for workers.
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