The draught Transaction Advisory Agreement (TASA) that the Pakistan Civil Aviation Authority (PCAA) established with the International Financial Corporation (IFC) for outsourcing the nation’s three main airports was approved by the Economic Coordination Committee (ECC) of the Cabinet on Thursday.
A report from the Ministry of Aviation on the hiring of IFC as transaction advisor for the outsourcing of the airports in Islamabad, Lahore, and Karachi was discussed at the meeting presided over by Finance Minister Ishaq Dar.
Govt. contracting
It was disclosed that the Public-Private Partnership Act-2017 has begun the outsourcing of three airports in order to attract private investors and airport operators through a competitive and transparent process to manage the airports, develop relevant land assets, improve avenues for commercial activities, and realise the airports’ full revenue potential.
Economic Coordination Committee of the Cabinet(ECC) meeting chaired by Finance Minister Senator Ishaq Dar, approved number of financial proposals of Power,Petroleum, Aviation and Housing & Works Divisions including engagement of IFC as Tech Advisor for outsourcing three airports pic.twitter.com/uwJ3RiUyep
— Ministry of Finance, Government of Pakistan (@Financegovpk) March 30, 2023
IFC, a member of the World Bank Group, has been certified as a transaction advisor in this regard.
The proposed Transaction Advisory Agreement (TASA), which PCCA had signed with the IFC for the outsourcing of three airports, was approved by the ECC following a thorough discussion.
The Ministry of Energy provided many summaries, which the ECC took into consideration and approved (Petroleum Division).
These also contained Mari Petroleum Company Limited’s field development plan and certification of economic viability for the Hilal and Iqbal finds (MPCL).
With effect from August 28, 2022, Polish Oil & Gas Company Limited (POGC) has been granted a second two-year extension of its exploration licence for the Kirthar exploration licence block, and Mari Petroleum Company has been given permission to conduct extended well testing (EWT) on the Ghazi-1 discovery.
Additionally, ECC decided to give technical supplementary grants totaling Rs. 607,6 million to the Ministry of Energy’s Power Division for the implementation of development plans in Sindh province, Rs. 1689.5 million to the Ministry of Housing and Works for the implementation of plans under the SDGs Achievement Programme (SAP) in Khyber Pakhtunkhwa and Sindh provinces, and Rs. 5 billion to the Ministry of Housing and Works for the implementation of plans under the SDGs.
A summary of the implementation agreement signed between the Government of Pakistan and K-Electric that was provided by the Ministry of Energy’s Electricity Division was tabled by the ECC due to the ongoing problem of duty and tax payment.
The meeting was also attended by:
- Former prime minister Shahid Khaqan Abbasi.
- Federal Minister for Power Khurram Dastgir Khan.
- Federal Ministers for Industries and Production Syed Murtaza Mahmud.
- Commerce Syed Naveed Qamar.
- Aviation Minister Khawaja Saad Rafique.
- Minister for Board of Investment Chaudhry Salik Hussain.
- Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha.
- Minister of State for Petroleum Musadik Malik.
In other news, the CAA mandated last month that all overseas travelers entering or departing Pakistan complete and turn in currency declaration forms to the airline employees.
Therefore, travelers must now declare all forms of domestic and international currency they are carrying on the currency declaration forms that must be completed prior to checking in for flights.
According to the Financial Action Task Force’s (FATF) regulatory standards, airlines are expected to make an in-flight announcement for the submission of the subject declaration, wherein the passengers would mention the currency.
The paperwork will be dispersed by the crew throughout the trip and left at the Customs counters ahead of the immigration desks.
Airlines must also instruct their employees and travel agents to give passengers a copy of the declaration when they purchase their tickets on departing flights.
At the check-in desks, airline workers will only issue boarding permits after receiving the passengers’ declarations.
After the flight has concluded, the airline employees will give the paperwork and the passenger’s manifest to the Customs personnel.
For the convenience of both passengers and personnel, the CAA has also created areas and counters for the collection of all declaration forms.
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