ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar declared on Sunday that $50,000 in letters of credit (LC) payments that are over due will be settled this week.Speaking at a press conference, Dar disclosed that the choice to offer relief was made following discussion with Governor Jameel Ahmed of the State Bank of Pakistan (SBP).
The finance minister stated that the SBP chief will convey these instructions to clear LCs as a “first step” towards growth next month before departing for Washington DC to meet with International Monetary Fund (IMF) officials.Almost 4,400 requests for opening LCs, a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods, will be deducted after these decisions, according to the speaker, who revealed that there were a total of 7,952 cases still pending.
