The proposed increase in Schengen visa fees, from €80 to €90, is anticipated to push the total expenditure for applications beyond €6 million.
If the European Commission’s draft proposal to hike visa fees by 12.5 percent receives approval, Pakistani nationals would face a €598,110 increase in Schengen visa costs in 2024.
The draft includes price adjustments for regular and minor applicants, as well as for nationals from non-cooperating countries in the readmission process, who would face fees of €135 and €180 respectively.
However, extension visa application fees will remain unchanged at €30, and nationals from countries with existing visa facilitation agreements will be exempt from these additional charges.
In 2022, Pakistani visa applicants spent nearly €6.1 million, even amid reduced application rates due to the post-COVID-19 pandemic. With the impending fee increase, expenses for Schengen visa applications are poised to escalate further.
Under the proposed changes, fees for child applicants would rise from €40 to €45, while nationals from non-cooperating countries would face higher fees, pushing the total expenditure for Pakistani visas in 2024 to €6.9 million.
Given that the average monthly salary in Pakistan is €268, with a minimum wage of €67 and a maximum of €1,195, the proposed visa fees would represent a significant financial burden, amounting to approximately one-third of the monthly salary.
The EU Commission attributes the fee hike to inflation affecting third-country visa applicants in 2024.
In 2022, Spain, Germany, France, Italy, and the Netherlands received the highest number of visa applications from Pakistanis, accounting for 74.1 percent of all applications, totaling 56,436 requests.
Despite the high application rates, Pakistani nationals face significant rejection rates in some EU countries, notably Sweden, where 74.7 percent of applicants are denied. Spain and Belgium also have high rejection rates, at 36 and 38 percent respectively, while Greece, Italy, and Germany show comparatively higher approval rates for Pakistani applicants.
State Bank Clears the Air Regarding Misprinted Rs. 1,000 Banknotes
The State Bank of Pakistan (SBP) on Wednesday said that misprinted banknotes, received by the public or commercial banks can be claimed in exchange for fit banknotes from any office of Banking Services Corporation (SBP-BSC) across the country under the State Bank of Pakistan (Note Refund) Regulations, 1963.
A day earlier, a bank branch in Karachi reportedly received a few currency notes of Rs. 1,000, which were misprinted from one side. The branch manager of the bank posted a video of these currency notes that went viral on social media.
In its clarification today, the central bank said that the production processes of such large magnitude are prone to some imperfections. Therefore, there is a possibility that despite all quality checks, certain pieces of misprinted banknotes may end up with banks or the public. However, such banknotes can be exchanged at SBP-BSC counters.
It further highlighted that SBP’s printwork, namely Pakistan Security Printing Corporation (PSPC), has a robust system of quality control to segregate and to prevent the flow of misprinted banknotes into public circulation. Some of the notes are misprinted occasionally but the same are detected through the checks and balances put in place.
However, no matter how robust and effective a manmade system is, it’s still susceptible to a margin of error, whether here or elsewhere including the developed jurisdictions, it added.
SBP said that the instant case involves the discovery of only ten misprinted banknotes in the consignment of NBP’s Model Colony Branch, which is minuscular as to be immaterial when compared with total number of notes that are printed and circulated in the country. However, the internal controls are being further strengthened to avoid the recurrence of such instances in the future.
According to a local media outlet, a Pakistan International Airlines (PIA) Airbus 320 flight traveling from Peshawar to Dubai developed a serious fault in midair when three of its navigation systems stopped functioning simultaneously.
PIA Plane Makes Emergency Landing in Karachi Due to Serious Problem
The report, citing sources, added that the plane had to be diverted to Karachi as a result of the failure of the three INS systems. The failure of the INS resulted in the shutdown of the autopilot and other related systems.
The national flag carrier’s pilot safely landed the plane at Karachi’s Jinnah International Airport. The PIA spokesperson was unavailable for comment at the time.
In separate news, the national flag carrier recently advised its pilots and cabin crew to abstain from flying while fasting.
In its letter to all cabin crew members, citing advice from Corporate Safety Management and the Aircrew Medical Centre, PIA stated that flying while fasting is possible. However, it highlighted that in such circumstances, the element of risk is considerable, and the margin of safety is minimal.
Preliminary Meeting Held With IMF Mission For Final Review
The first round of talks between Pakistani authorities and the International Monetary Fund (IMF) review mission led by Nathan Porter was held at the Ministry of Finance today.
Finance Minister Muhammad Aurangzeb and key members of the economic team engaged with the IMF delegation. Governor State Bank of Pakistan (SBP), Minister of Energy, Chairman Federal Board of Revenue (FBR), and other officials were present at the introductory session.
Separate meetings were also scheduled for detailed discussions with the lender’s mission and the Finance Minister, SBP Governor and Energy Minister.
Aurangzeb is set to outline the government’s priorities for the final IMF review.
25 out of 26 IMF targets have been successfully met.
Key achievements include refraining from obtaining loans from the central bank and ensuring timely external payments. Sources said outstanding arrears in the power sector, including tax dues and refund payments, have been promptly addressed.
They said Pakistan has strictly adhered to IMF conditions regarding tax exemptions and amnesty, maintaining stability in the currency exchange rate with a consistent 1.25 percent margin between interbank and open market rates.
The government has also met requirements on the timely revision of electricity rates and adjustments in gas prices, crucial steps in aligning with IMF directives.
The Ministry of Finance will present a comprehensive report to the lender’s team detailing the implementation of all targets. However, some outstanding tasks remain, including the amendment of certain laws such as the SOE law, as well as legislation related to entities like the National Highway Authority, Pakistan Post, and Pakistan Broadcasting Corporation.
The SBP Governor and Energy Minister will provide further insights into the implementation of IMF targets during their respective briefings with Porter’s team.
It bears mentioning that talks between Pakistan and the IMF under the standby arrangement will continue till March 18. Pakistan is expected to receive a $1.1 billion tranche following the completion of the current review. Following the staff agreement, which is likely next week, the IMF Executive Board will approve the final disbursement to Pakistan.