Pakistan has formally requested for financial assistance

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"We need to work together to de-escalate and resolve the current trade disputes", Lagarde said at an International Monetary Fund and World Bank gathering in Bali.

Lagarde said that work was ongoing on the possible spill over effect of the trade war between the US and China on Nigeria.

The body now expects the USA economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates.

According to estimates, since 2007, China contributed nearly 60 percent to the world's accumulation of non financial private debt.

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by eurozone countries, Britain and Japan, and rising interest rates that are pressuring some emerging markets with capital outflows, notably Argentina, Brazil, Turkey, South Africa, Indonesia, and Mexico.

Broadly speaking, global financial conditions remain accommodative and supportive of near-term growth, albeit somewhat tighter than six months ago.

It anxious that market players "appeared complacent" about the potential dangers which could be produced by a sudden, sharp tightening of conditions such as rising interest rates or declining access to capital.

Lagarde told her audience on October 10 that she did not feel overly gloomy about global conditions.

He said that without free trade, there would be no hope of helping millions of people escape dire poverty.

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing has consistently rejected.

"Trade deficits don't (necessarily) mean cheating by the other side". However, the RBI pegged India's growth projections at 7.5 per cent.

"All the accusations against China are completely trumped up".

In its report the International Monetary Fund said the tit-for-tat tariffs imposed by the U.S. and China, weaker performances by eurozone countries, Japan and Britain all conspired to increase pressure on the global economy, while "the possible failure of Brexit negotiations poses another risk".

One of the most comprehensive studies of the state of banking and markets since the financial crisis warns that "dangerous undercurrents" are a rising threat to the world economy.

Its Managing Director, Christine Lagarde, noted that globally, 11 per cent of women are at risk of losing their jobs to advances in computer technology, while the same situation favours men with only four per cent risk. "Several of the downside risks highlighted in the April 2018 World Economic Outlook (WEO) ... have become more pronounced or have partially materialized".

The United States has become increasingly impatient with what it sees as a lack of support from nuclear-armed Pakistan in quelling a Taliban insurgency that USA -led forces are fighting in neighboring Afghanistan.

It stated that global debt still increased by more than 50 percent thereafter with China accounting for almost 40 percent of the US dollar value of the increase over the period.