India calls for 'quota-based resource base' for International Monetary Fund

Low Revenue: India should implement GST Fully, says IMF

Financial ministers and central bank chiefs of the International Monetary Fund's policy making body have warned of trade conflicts as downside risks of the world economy. He said the USA welcomes the IMF's new initiative, the External Sector Report, which is the Fund's assessment of global currency valuations and FX rate correlations.

At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services.

'The discussions were really around the governor's actions at the PBOC and certain actions they've announced in terms of opening their markets which we very much encourage and appreciate, ' Mnuchin said.

Escalating tensions between the USA and China have rattled financial markets and raised concerns the world is barreling toward a trade war. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world's finance officials. "They will discuss this issue", she said.

The United States and China are on the brink of what would be the biggest trade dispute since World War II.

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U.S. President Donald Trump sparked burgeoning disagreement between the U.S. and China when he decided in late March to impose tariffs on China, possibly worth tens of billions of dollars.

The US and China have proposed imposing tariffs of $50 billion on each others' products and Trump is looking to impose tariffs on up to $100 billion more of Chinese goods.

Kojak clarified during the World Bank Group and International Monetary Fund Spring Meetings, that the first installment amounted to $2.75 billion.

Secretary Mnuchin also said the discrepancies in global trade have widened since the 1980s and 1990s.

According to Mnuchin, he has been in contact with Chinese financial heads in order to resolve the trade fractions and is mulling over a personal visit to Beijing if possible. Mnuchin said he discussed Xi's proposals with Chinese officials.

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As trade tensions simmer between the world's two largest economies, Mnuchin said on Saturday he may travel to China.

The World Bank, he said, must not back away from shifting its lending from fast-growing developing countries such as China to poorer nations.

"A strong quota-based permanent resource base for the IMF would serve to strengthen the Global Financial Safety Net (GFSN) and mitigate risks to the worldwide monetary system", Patel said. 'The Chinese side has received information that the USA side hopes to come to Beijing to discuss economic and trade issues.

In a statement on Saturday at the end of three days of meetings, the lending agency urged countries to take advantage of the broadest-based economic expansion in a decade to cut government debt and to enact reforms that will make their economies more efficient.

"I hope that these International Monetary Fund meetings will be marked by this spirit".

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