People cycle past a billboard for the upcoming G20 summit on street in Hangzhou, Zhejiang province, China September 1, 2016. REUTERS/Aly Song
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International Monetary Fund Managing Director Christine Lagarde said the institution will likely downgrade its 2016 global growth forecast again as economic prospects are dimmed by weak demand, flagging trade and investment and growing inequality. Lagarde told Reuters in an interview that G-20 leaders need to do far more to spur demand, bolster the case for trade and globalization, and fight inequality.Citing global uncertainty over the June 23 Brexit vote, the IMF in July cut global GDP growth estimates to 3.1 percent for 2016 and 3.4 percent for 2017 – down about a 10th of a point for each year.Lagarde said she would be spending the next several days speaking with senior officials in a number of countries to persuade them to contribute to about $5 billion to $6 billion in bilateral financing to support Egypt. The funds are needed to allow a $12 billion IMF loan program to be approved by the Fund's board.
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