CPEC projects worth $28.6bn to mature soon: Dr Shamshad

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ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar has said projects worth 28.6 billion dollars are under completion under China-Pakistan Economic Corridor.

Talking to media in Islamabad on Tuesday, she said a mega railway project is being launched at a cost of 8.2 billion dollars. She said ML-1 project will strengthen country’s network.
The Minister said infrastructure is also being constructed in Gwadar with China’s cooperation.
He said 15 energy projects of costing 22.3 billion dollars are also included in CPEC.
Meanwhile, Finance Minister, Dr. Shamshad Akhtar Tuesday chaired a meeting to discuss measures against cross border illegal transportation/smuggling of currency.
The Minister at the outset of the meeting said that as part of steps to check terror financing and menace of money laundering we need to put in collective efforts to check currency smuggling through our borders to control terrorism and other criminal activities.
The Minister highlighted the areas for immediate focus to check cross border illegal transportation of currency. She said it is important that authorities properly identify and understand the nature of risks of cash couriers that are being used for Terror financing.
She said there is need for further strengthening the currency/Bearer Instruments declaration/ seizure regime at all ports of entry by applying effective, proportionate and dissuasive sanctions when there are instances of false declaration/failure to declare and currency smuggling.
Dr. Shamshad stressed effective implementation of the integrated database for monitoring and enforcing SBP’s currency regulation regime at all ports of entry. She said it is important that authorities at the border points should enhance the coordination and cooperation by sharing information on currency smuggling. Customs and other agencies need to work together to improve border controls. Effective internal co-operation is essential in order to effectively control the problem, the Minister added.
The meeting expressed consensus on physical and technological up-gradation of systems, in line with international standards, at all ports and other check points along the borders. The meeting observed that legal provisions to check currency smuggling and bring to book those involved in this crime were in place.
However, effective implementation and further consolidation in this area should be enhanced. The meeting also emphasized close coordination among agencies/institutions concerned at airports and border check points for effective control of currency smuggling. There was also emphasis on ensuring currency declarations by passengers on all incoming and outbound flights besides scanning of passengers’ belongings. – NNI

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