Pakistan: Additional Support for Oil LCs

Prime Minister Shehbaz Sharif has promised that the Pakistani government will intervene on behalf of oil refineries facing potential shutdown due to international banks’ unwillingness to “endorse” LCs opened by refineries for crude oil imports.

According to The Express Tribune, a source quoted Sharif as saying: “If the issue of LCs worsens, the State Bank of Pakistan (SBP) will make payments for oil import”.