ISLAMABAD: The Civil Aviation Authority (CAA) of Pakistan has made it mandatory for all incoming and outgoing passengers to fill out a currency declaration form, said an official statement on Tuesday, to meet yet another requirement of the Financial Action Task Force (FATF).
Pakistan has been on the international watchdog’s “grey list” of countries since 2018 due to inadequate controls over money laundering and terrorism financing.
However, the country moved closer to exiting the list in recent months after implementing FATF recommendations to strengthen its financial system.
The Paris-based international watchdog also praised Pakistani officials for making substantial progress while saying its team would soon carry out an onsite visit of the country.
The CAA notification on Tuesday said no passenger would be allowed to board a flight or leave the airport without submitting the declaration.
“For inbound flights, airlines are required to ensure in-flight announcement by the flight crew for every inbound flight for submission of subject declaration wherein the passengers will mention the currency under the regulatory requirement of FATF,” the notification informed.
“The said declaration will be deposited at the customs counter before the immigration desk at international arrival,” it added.
The CAA said airline staff and travel agents should provide a copy of the declaration form to all potential passengers who intend to be on an outbound flight while booking their tickets.
“At check-in counters, airlines are directed to issue boarding pass only once the passenger has deposited the declaration with the them,” the notification added.
Pakistan fulfills another FATF condition, makes currency declaration mandatory for air travelers
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Pakistan fulfills another FATF condition, makes currency declaration mandatory for air travelers
- No passenger will be able to board a flight or leave the airport without submitting the declaration form
- The global financial watchdog praised Pakistan for implementing its recommendations in its last meeting
Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure
- Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
- Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone
KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.
The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said.
The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim.
“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said.
Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.
The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs.
Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said.
“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said.
The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital.
To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.
