{"id":45118,"date":"2022-10-09T12:51:34","date_gmt":"2022-10-09T12:51:34","guid":{"rendered":"http:\/\/nationaltimes.pk\/eng\/?p=45118"},"modified":"2022-10-09T12:57:47","modified_gmt":"2022-10-09T12:57:47","slug":"finance-czar-ishaq-dar-directs-sbp-chief-to-clear-lcs-worth-50000","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2022\/45118\/","title":{"rendered":"Finance czar Ishaq Dar directs SBP chief to clear LCs worth $50,000"},"content":{"rendered":"<p>ISLAMABAD (National Times)- Federal Minister for Finance and Revenue Ishaq Dar Sunday announced that $50,000 pending payments of letters of credit (LCs) will be cleared during the week.<\/p>\n<p>Addressing a press conference, Dar revealed that the decision to provide relief has been taken after consultations with the State Bank of Pakistan (SBP) Governor Jameel Ahmed.<\/p>\n<p>The finance minister said that next month, before leaving for Washington to meet the International Monetary Fund (IMF) officials, the SBP chief will pass on these instructions to clear LCs as a \u201cfirst step\u201d towards growth.<\/p>\n<p>He revealed that a total of 7,952 cases were pending and after these decisions, nearly 4,400 requests of opening LCs \u2014a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods \u2014 will be subtracted.<\/p>\n<p>Regarding Moody\u2019s decision to downgrade the Government of Pakistan&#8217;s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from B3, Dar said the ministry has submitted a detailed reply to the report and has addressed all reservations highlighted by the rating agency.<\/p>\n<p>\u201cThe major reason behind this negative outlook was the speculations that Pakistan was planning to seek help from bilateral Paris Club creditors,\u201d he said, adding that they thought that Islamabad was aiming to get its loans from World Bank, the Asian Development Bank, etc rescheduled.<\/p>\n<p>The finance chief reiterated that after consultations with Prime Minister Shehbaz Sharif, it has been decided that Pakistan will not seek assistance from the Paris Club.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD (National Times)- Federal Minister for Finance and Revenue Ishaq Dar Sunday announced that $50,000 pending payments of letters of credit (LCs) will be cleared during the week. Addressing a press conference, Dar revealed that the decision to provide relief has been taken after consultations with the State Bank of Pakistan (SBP) Governor Jameel Ahmed. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-45118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-showbiz","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance czar Ishaq Dar directs SBP chief to clear LCs worth $50,000 - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2022\/45118\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance czar Ishaq Dar directs SBP chief to clear LCs worth $50,000 - Nation\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD (National Times)- Federal Minister for Finance and Revenue Ishaq Dar Sunday announced that $50,000 pending payments of letters of credit (LCs) will be cleared during the week. 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