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 says $2 billion received since creation of special investment council
- Pakistan formed Special Investment Facilitation Council in 2023 to attract foreign investment in priority sectors
- Minister says SIFC plays crucial role in removing “bureaucratic hurdles” that earlier discouraged investors
ISLAMABAD: Pakistan’s Federal Minister for Parliamentary Affairs Dr. Tariq Fazal Chaudhry said on Monday that the country has received $2 billion in foreign investment since the Special Investment Facilitation Council (SIFC) was formed in 2023.
Pakistan’s government formed the SIFC in June 2023 to attract international investment in key economic sectors such as tourism, livestock, trade, infrastructure, mining and minerals.
The government decided to form the hybrid civil-military forum after Islamabad narrowly avoided a sovereign default in 2023 before it was saved by a last-gasp bailout program by the International Monetary Fund (IMF).
“Since its inception, more than $2 billion in foreign investment has flowed into Pakistan, and our economic indicators are improving,” Chaudhry informed lawmakers during a question hour at the National Assembly, the lower house of Pakistan’s parliament.
Responding to a question by lawmaker Shazia Marri, Chaudhry said the SIFC played a crucial role in removing “bureaucratic hurdles” that previously discouraged international investors.
Answering a supplementary question from lawmaker Arshad Abdullah, the minister acknowledged that Pakistan’s bureaucratic processes had long deterred global investors.
“In our system, even setting up a petrol pump requires 21 NOCs (no objection certificates), while in Indonesia, only one NOC is needed to establish an industry,” Chaudhry said.
He stressed that the SIFC’s goal is to eliminate such inefficiencies.
“We are moving from manual to automated systems to streamline investment processes,” he shared.
Since its inception in 2023, the SIFC has also been instrumental in ensuring several trade and investment deals were signed between Pakistan and its regional allies Saudi Arabia and the United Arab Emirates were signed.
Pakistan explores collaboration opportunities with UAE-based banks for economic growth
- Pakistan finmin meets representatives of Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank
- Pakistan finance ministry says Islamabad open to commercial partnerships that contribute to economic growth
KARACHI: Finance Minister Muhammad Aurangzeb on Monday held meetings with three UAE-based banks which concluded with both sides expressing their desire to explore potential avenues for collaboration for economic growth, Pakistan’s finance ministry said.
The ministry held a series of virtual meetings with three UAE-based banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank. The meeting, chaired by Aurangzeb, focused on the banks’ support for Pakistan’s development and fiscal objectives, the finance ministry said.
“The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration,” the finance ministry said.
“The finance minister reaffirmed Pakistan’s openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.”
Aurangzeb said Pakistan is on the path to macroeconomic stability. He noted that this year, Pakistan’s forex reserves are approaching the $14 billion mark, which would provide the nation with three months of import cover.
Pakistan has undertaken structural, financial reforms in recent months mandated by the International Monetary Fund (IMF) in exchange for bailout programs from the international lender.
These include increasing its tax base, introducing reforms in the energy sector and privatizing loss-making public assets. Aurangzeb underscored that the government is “firmly committed” to long-term reforms.
“We have broken away from the old boom and bust cycle,” the minister said. “The current stability is backed by difficult but necessary reforms— and we are staying the course.”
He shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year, the ministry said.
“During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan’s economic plans,” the statement said.
The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment, with over $10 billion invested in the last two decades.
The Gulf country is also home to over a million expatriates from Pakistan, the second-largest overseas Pakistani community globally, and a major source of remittances.
Pakistan Met Office says heatwave to continue this week
- High pressure likely to persist in upper atmosphere during current week, says Met Office
- Says temperatures likely to remain 04 to 06°C above normal in southern Pakistan this week
ISLAMABAD: The Pakistan Meteorological Department said on Monday that the ongoing heatwave in various parts of the country is expected to continue this week, calling on citizens to take precautionary measures for safety.
The Met Office warned last Wednesday of a heatwave in the country that it said will last from May 15 to 20. Its warning came amid increasingly erratic climate patterns across South Asia, with cities in Pakistan experiencing more frequent and intense heat waves in recent years, a trend climate experts link to global warming.
The Met Office said in its latest advisory that high pressure is likely to persist in the upper atmosphere during the current week.
“Heatwave is likely to continue during the current week,” it said. “Day temperatures are likely to remain 04 to 06°C above normal in the southern half (Sindh, southern Punjab and Balochistan) from 20th to 24th May.”
It said temperatures during the day are likely to remain 05 to 07°C above normal in the upper half of the country (central and upper Punjab, Islamabad, Khyber Pakhtunkhwa, Kashmir, Gilgit-Baltistan) from 20th to 24th May.
“Dust storm/gusty winds are expected at isolated places over plain areas due to excessive heating during the forecast period,” it added.
The Met Office advised women, the elderly and children to take precautionary measures during the heatwave period. It warned them to avoid exposure to direct sunlight during the day and remain hydrated at all times.
The Met Office advised farmers to manage their crop activities, keeping in view the latest weather conditions and to also take care of their livestock.
“Rising temperatures in northern areas may enhance snow melting rate during the forecast period,” it said. “Judicious use of water is requested in all fields of life.”
Pakistan ranks among the top ten countries most vulnerable to climate change and has grappled in recent years with increasingly frequent extreme weather events from deadly heat waves and floods.
In June 2024, almost 700 people died in a heat wave in less than a week, with most deaths recorded in the port city of Karachi and others in the southern province of Sindh, according to the Edhi Foundation charity.
A 2015 heatwave claimed over 2,000 lives in Karachi alone while floods in 2022 left more than 1,700 dead and over 33 million displaced nationwide.
Pakistan denies Indian reports of nuclear-capable missile deployment
- Indian media outlets reported Pakistan used ‘Shaheen’ ballistic missile during recent conflict with Delhi
- Pakistan’s foreign office says “inflammatory and unverified” content by Indian media undermines regional stability
ISLAMABAD: Pakistan’s foreign office spokesperson on Monday rejected “baseless” reports by the Indian media which claimed Islamabad had deployed its nuclear-capable ‘Shaheen’ missile against India in the recent conflict between the two countries.
India and Pakistan were involved in the worst fighting between the two nuclear-armed neighbors since 1999 earlier this month. Both Pakistan and India struck each other with missiles, fighter jets, drones and artillery fire for four days before US President Donald Trump announced a ceasefire on May 10.
The Indian Army shared a video on Twitter on Sunday purportedly showing the use of Pakistan’s Shaheen missile. The video was picked up by several Indian media outlets, such as NDTV and News Arena India.
The Indian Army, however, deleted the video from its Twitter account upon realizing “the claim was unsubstantiated,” Pakistan’s foreign office said.
“The Ministry of Foreign Affairs has firmly rejected the unfounded allegations circulating in certain segments of the Indian media, which falsely claim that Pakistan employed the Shaheen missile during Operation Bunyanun Marsoos (BM),” the foreign office spokesperson said.
He said some Indian outlets have continued to propagate the “misinformation,” noting that the Indian Army has not offered any clarification or retraction on the matter.
“Analysts observe that such disinformation campaigns are part of a deliberate attempt to obscure India’s setbacks in Operation Sindoor, which were a result of Pakistan’s demonstrated conventional military capabilities,” it said.
“Additionally, these fabricated stories align with New Delhi’s ongoing efforts to promote a misleading narrative regarding the ceasefire and baseless allegations of so-called ‘nuclear blackmail’ by Pakistan.”
The foreign office said Pakistan Army had mentioned the use of the weapons it used against India in a press release issued by the military’s media wing on May 12.
It said the army used precision-guided, long-range Fatah series missiles— F1 and F2— as well as advanced munitions, highly capable long-range loitering killer drones and precision long-range artillery.
“Disseminating unverified and inflammatory content not only undermines regional stability but also reflects poorly on the professionalism of official institutions,” the foreign office said.
India’s defense minister last week urged the International Atomic Energy Agency to take charge of Pakistan’s nuclear weapons, calling Pakistan an “irresponsible and rogue” nation.
Pakistan responded by saying that India’s “irresponsible remarks reveal his profound insecurity and frustration regarding Pakistan’s effective defense and deterrence against Indian aggression through conventional means.”
Both India and Pakistan have fought two out of three wars since 1947 over the disputed Himalayan territory of Kashmir. They both administer parts of the territory but claim it in full.
Pakistani firms sign $13 million contracts at first Pakistan-Bahrain investment summit
- Around 25 Pakistani companies, over 125 delegates took part in day-long summit on May 17
- Pakistani companies represented IT, stock exchange, tourism and other sectors, says organizer
ISLAMABAD: Pakistani companies signed contracts worth over $13 million related to various investment projects at the first edition of the Pakistan-Bahrain Investment Summit last week, the chief organizer of the event said on Monday.
The day-long event titled ‘Pakistan-Bahrain Investment Opportunities Summit and Smart Expo,’ organized by the Pakistan Association of Exhibition Industry (PAEI) with the Pakistani embassy in Bahrain, was held in Manama on May 17.
Over 125 Pakistani delegates showcased investment-ready projects across various sectors, attracting strong interest from the overseas Pakistani community and business leaders from Bahrain.
“The event was truly remarkable, featuring 25 Pakistani companies and more than 125 delegates where in just one day, contracts worth $13 million were signed across various investment projects in different sectors,” Mohammad Khurshid Barlas, PAEI founder, told Arab News over the phone from Bahrain.
“This figure is expected to increase further as many leads generated during the event are currently in follow-up stages and likely to mature soon,” he added.
Barlas said the participating Pakistani companies and delegates represented various sectors such as information technology, stock exchange, tourism, human resource services and real estate.
“Throughout the day the event was attended by more than 20,000 delegates from the Pakistani community and business leaders and representatives from Bahrain,” Barlas disclosed.
During the summit, he said discussions focused on a wide range of topics including the stock exchange, capital markets, overseas employment, real estate and tourism.
“The event is expected to significantly boost trade with Bahrain and attract further investment into Pakistan,” Barlas said.
Pakistan’s Ambassador to Bahrain Saqib Rauf said the event marks the beginning of “a promising series of engagements we plan to organize in Bahrain.”
“We are in continuous dialogue with the business communities of both countries and envision future events to focus on specific sectors of mutual interest,” he said.
“Our goal is to foster synergies between businesses and deepen trade and investment ties, paving the way for a stronger and more dynamic partnership between our nations.”
Zahid Latif Khan, chairman of ZLK Islamic Financial Services, a premier brokerage and financial services provider at the Pakistan Stock Exchange, said the event provided an excellent opportunity to engage with businesses from across the Middle East.
“People in the region are viewing Pakistan from a very positive perspective as we witnessed a renewed sense of hope and enthusiasm for doing business and trade with Pakistan,” Khan told Arab News.
Latif said he also highlighted the vast potential of the Pakistan Stock Exchange, which drew strong interest from business leaders in Bahrain.
“As the founder of the first Islamic brokerage house in Pakistan, I met with representatives from Bahrain’s Central Bank who were also present at the conference and their response was very encouraging, and I look forward to exploring further opportunities,” Latif added.
According to Pakistan’s foreign office, Pakistan’s trade with Bahrain ranges between $500 million and $1 billion. Major exports include meat, vegetables, rice, tobacco and textiles.
Imports from Bahrain include petroleum and its products, ferrous waste, scrap and aluminum.
The investment summit takes place amid Islamabad’s efforts to increase foreign trade and investment with its allies, especially the Gulf estates, as it hopes to recover from an economic crisis.
Pakistan formed the Special Investment Facilitation Council (SIFC) in June 2023 to attract international investment in key economic sectors such as mines, minerals, agriculture, livestock and tourism.
