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In her remarks at the IMF Board of Governors meeting here on the theme of 'Dialogue on Policy Challenges', Sitharaman expressed concerns about the slowdown in global growth. The IMF's steering committee has agreed on achieving a "meaningful increase" in quotas by the end of this year, its chair Nadia Calvino said. The committee also agreed on common priorities to safeguard financial stability, she said.

Finance minister Nirmala Sitharaman on Saturday pitched for a strong, quota-based and adequately resourced International Monetary Fund (IMF) and emphasised that a coordinated response of the global community will foster multilateralism.

Sitharaman cited admitting the African Union into the G20, adoption of the Green Development Pact, and commitment to pursue reforms for better, bigger, and more effective Multilateral Development Banks (MDBs) as the key aspects of the consensus building.

Lack of export competitiveness, fiscal deficits, and low labour productivity are the cause of Pakistan's macroeconomic challenges. — AFP/File ISLAMABAD: Pakistan’s lack of export competitiveness, chronic fiscal deficits, and low labour productivity are the root cause of the country’s sizeable macroeconomic challenges, the Asian Development Bank (ADB) said in a study released on Monday. The country needs to take decisive reforms to unshackle the economy from its binding constraints, ADB’s country diagnostic ‘Pakistan: Reviving Growth through Competitiveness’, carried out in associa...