The Pakistani currency held the US dollar advance in the interbank trading on Wednesday as the greenback gained only 11 paisas in the early session trading.  The new price of the US dollar reached Rs279.90 in the interbank trade. The International Monetary Fund (IMF) has revised down its projection for Pakistan's gross external financing needs for the fiscal year 2023-24. In its report titled, "First review under the Stand-By Arrangement," the IMF now estimates the financing needs at $24.965 billion, equivalent to 7.1 percent of the GDP. This marks a decrease from the initial projection of $28.361 billion, which accounted for 8.1 percent of the GDP. The IMF report indicates that the Stand-By Arrangement (SBA) program is fully financed, with the reserve position at the end of fiscal year 2024 aligning with program objectives. The International money lender has delivered over $3 billion in commitments, and an additional $1 billion in multilateral support is expected by the end of 2023. Bilateral support of $0.7 billion has been reaffirmed, though the Islamic Development Bank's contribution is now anticipated to be lower than the initially pledged $1 billion.

Credit: Independent News Pakistan (INP)