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IMF urges US to cut debt, deficit
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IANS | 20 Apr, 2018
The Managing Director of the
International Monetary Fund, Christine Lagarde, urged the administration
of US President Donald Trump here on Thursday to reduce the
government's debt and deficit in the context of a continued economic
recovery.
"In order to deal with entitlements, the United States
should take advantage of the current upswing ... to reduce its deficit
and try to move its debt downward rather than upward," Lagarde said.
The
IMF recently revised its 2018 economic growth forecast for the US
upward to 2.9 per cent but warned that the Trump administration's fiscal
stimulus would lead to a bigger budget deficit and to more debt, Efe
reported.
The Managing Director of the IMF, however, praised the
massive corporate tax reform that the US Congress approved in December,
saying that it was "a reform that we have advocated, recommended,
encouraged and that we are very pleased to see happening".
Lagarde
celebrated the move to reduce taxes on businesses, as it would simplify
the tax code, encourage investment and move the US corporate tax closer
to the average of the other major economies belonging to the
Organization for Economic Cooperation and Development (OECD).
The
IMF, on the other hand, has been very critical regarding protectionist
policies put in place by the Trump administration, warning that a trade
war between Washington and Beijing could harm the global economy.
During
the presentation of the IMF's latest economic projections on Tuesday,
IMF chief economist Maurice Obstfeld said that the global economy would
grow 3.9 per cent in 2018 and 2019 but warned that "the prospect of
trade restrictions and counter-restrictions threatens to undermine
confidence and derail global growth prematurely."
The 2018 Spring
Meetings of the IMF and the World Bank Group, taking place in
Washington from April 16-22, bring together world economic leaders from
the 189-member states to analyze global economic challenges.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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