Alarm bells ring in PSO as international bank questions creditworthiness

By
anjum
-
4
188

Prime Minister Mir Hazar Khan Khoso has been informed that Pakistan State Oil (PSO)’s creditworthiness has been questioned in the global financial market, and that at least one leading international bank has expressed serious concern over a default on Letters of Credit (L/Cs) issued by the oil marketing giant. It is feared that PSO’s inability to pay its dues may have serious implications on the creditworthiness of the country.
According to media reports, Deutsche Bank has written a letter to PSO over a default on a L/C, implying that the latter is losing its credibility in the financial market. “PSO may face problems in dealing with oil businesses in the Middle East if it continues defaulting on L/Cs issued for oil imports,” sources said while quoting the letter. They added that this was an alarming development for the state-run giant, which is on the brink of defaulting on other international payments due to the burgeoning circular debt in the nation’s power sector. “Yes, the bank wrote a letter to us at a time when an oil supplier’s ship was stuck at the Karachi port and PSO was not able to meet its obligations due to a shortage of funds,” a senior PSO official told The Express Tribune.

Read the full story here.

RELATED ARTICLESMORE FROM AUTHOR

4 COMMENTS

  2. Hello Dear, are you really visiting this web page daily, if so after that you will without doubt obtain pleasant experience.

  3. I am the happiest person on earth today because today My Seven years run away lover came back to me on his knees with tears on his eye begging me to please forgive him and accept him back, Dr.Grant a great Spell caster made this possible with the help of a spell. i saw his email address on the internet where a girl post on how Dr.Grant helped her so i decided to contact him and he told me that every thing will be fine and now i am happy becauseDr.Grant is a man of his words because everything went well as he promised me. Are you having misunderstanding with your love or his your love seeing someone else? what is your problem that you which to solve? contact Dr.Grant today via email and every thing will be fine okay [email protected].

Comments are closed.