Islamic Republic of Pakistan : News, Discussions & Updates

lcafanboy

Senior member
Dec 22, 2017
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2,561
Bangalore
Global banks stop trade credit for oil imports by Pakistani firms

KARACHI: Foreign banks have stopped offering trade credit for oil imports to Pakistani refineries, and some suppliers are seeking payment upfront to avoid potential problems resulting from political standoff in the country, industry sources said on Wednesday.

They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing โ€œhigh country riskโ€ alert.

For the import of crude oil from the global market, LCs are opened by the local banks. However international banks confirm the LCs of local paretners to provide guarantee to the exporter. Under the guarantee if a Pakistani bank defaults on a payment to an exporter, its international counterpart pays the amount.

โ€œThe political unrest has increased the countryโ€™s risk in the eyes of international banks and they are reluctant to confirm LCs,โ€ a source in the oil sector told The News.


There goes credit for crude oil. Default is unavoidable now for Pakhanistan... ๐Ÿ˜Š๐Ÿ˜Š๐Ÿ˜…๐Ÿ˜…
 

Cole_phelps

Well-Known member
Jun 19, 2019
703
833
India
Global banks stop trade credit for oil imports by Pakistani firms

KARACHI: Foreign banks have stopped offering trade credit for oil imports to Pakistani refineries, and some suppliers are seeking payment upfront to avoid potential problems resulting from political standoff in the country, industry sources said on Wednesday.

They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing โ€œhigh country riskโ€ alert.

For the import of crude oil from the global market, LCs are opened by the local banks. However international banks confirm the LCs of local paretners to provide guarantee to the exporter. Under the guarantee if a Pakistani bank defaults on a payment to an exporter, its international counterpart pays the amount.

โ€œThe political unrest has increased the countryโ€™s risk in the eyes of international banks and they are reluctant to confirm LCs,โ€ a source in the oil sector told The News.


There goes credit for crude oil. Default is unavoidable now for Pakhanistan... ๐Ÿ˜Š๐Ÿ˜Š๐Ÿ˜…๐Ÿ˜…

They are busy with Yasin Mallikโ€™s 10 year imprisonment.

Seems that old rhetorical poem โ€œKashmir toh hoga lekin Paxtan nahi hogaโ€ was somewhat true ๐Ÿ˜‚
 
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RISING SUN

Senior member
Dec 3, 2017
12,745
6,057

Pakistan Says Saudi Arabia, Dubai Wonโ€™t Lend Without IMF Deal​

Pakistanโ€™s finance minister said countries that have typically been generous in lending to the crisis-hit nation are proceeding more cautiously now.

โ€œWe went to Saudi Arabia, Dubai and spoken to other countries -- they are ready to give money, but all of them say we need to go to the IMF first,โ€ said the minister, Miftah Ismail, on May 28.

Thatโ€™s a pivot from the past. When Pakistan went through a similar economic crisis in 2018, the nation was able to secure backing from China, Saudi Arabia and the UAE before going to the International Monetary Fund. Now, China has yet to follow through with a pledge to re-issue loans to Pakistan repaid in late March.

Pakistanโ€™s economic risk score is currently at the lowest level since Bloomberg started compiling data in 2009. The nationโ€™s foreign exchange reserves have halved in less than a year and the rupee has dropped by almost 8% in the past month. That makes it the worst performer in Asia, according to data from 13 nations compiled by Bloomberg.

Chinaโ€™s Asian Infrastructure Investment Bank, which was created to compete with other global funders, has also aligned itself with the lenders, telling Pakistan that if the World Bank gives money, then so will it, according to Ismail.
 

lcafanboy

Senior member
Dec 22, 2017
2,335
2,561
Bangalore
FUFOZCBaMAAMtoN.jpeg


๐Ÿ˜‚๐Ÿ˜‚๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ๐Ÿค๐Ÿค
 

Sathya

Senior member
Dec 2, 2017
2,590
1,528
India
Just went through Bhramos strike @ chian manoo @ other forum and clicked reactions right & left.. It was really funny.. ๐Ÿคช
 

safriz

Well-Known member
Jan 1, 2018
1,841
664
UK, Pakistan
Just went through Bhramos strike @ chian manoo @ other forum and clicked reactions right & left.. It was really funny.. ๐Ÿคช
Even funnier is the failure of India of having any control on their own top tier cruise missile ๐Ÿคฃ.
Which other country gets accidental firing of a missile on another country?
Only in India ๐Ÿ˜…๐Ÿ˜…
There's a "muhavraa" saying.
Bundar kay haath mein bandooq.
You never know when and where he will fire , including up his own rear end ๐Ÿ˜…๐Ÿ˜…๐Ÿ˜…

We have a video of Indian Brahmos battalion.

 
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