April 2, 2003	Wednesday	Muharram 29, 1424

WASHINGTON, April 1: The US Export-Import Bank on Monday said it is helping support short-term credit sales of up to $125 million worth of US consumer goods, spare parts, raw material and bulk agriculture product sales to Pakistan.

The Ex-Im Bank said effectively immediately it was renewing a programme to insure “irrevocable” letters of credit issued by three major Pakistani banks — National Bank of Pakistan, Muslim Commercial Bank and United Bank.

US officials said the short-term, letter of credit programme would enable US exporters to sell a wide range of goods to the key US ally even though the Ex-Im Bank is closed for routine transactions in Pakistan.

“We want to demonstrate our confidence in the strength of Pakistan’s major banks and encourage US exporters to seek out sales opportunities in this market,” Ex-Im Bank Chairman Philip Merrill said in a statement. “This programme can facilitate US exports to Pakistan that otherwise could not go forward.”—Reuters