ISLAMABAD: Prime Minister Shehbaz Sharif launched the Buna-Raast connectivity project, which would link the payment mechanism with the Arab Monetary Fund’s system to facilitate millions of overseas Pakistanis in Arab countries to send remittances through a swift, affordable and effective method.
Addressing the launching ceremony, he said besides easing the remittance-sending process digitally, it would also help boost the country’s foreign exchange and further strengthen the already cordial relations between Pakistan and the Arab world.
Calling it a great step forward in promoting financial transactions through modern techniques, he said the project would expand the reach of Pakistan’s digital payment infrastructure. “This signifies how 21st-Century Pakistan is moving ahead by augmenting modern technologies in the people’s lives.
“This is the first cross-border real-time payment system linkage that will make remittances more affordable and accessible,” he added.
PM Shehbaz said the project also held the potential to accelerate the connectivity into a future model of a wider payment system where transactions would take place from region to region with a potential of over $20 billion in annual payments. He thanked the Arab Monetary Fund, State Bank of Pakistan, Finance Ministry, Bill and Melinda Gates Foundation and Karandaaz for their support in launching the project.
The premier said he would unveil a five-year economic revival plan in the coming weeks as broad parameters had already been finalised through months-long deliberations with the stakeholders. He said the ‘Home-Grown Economic Programme’ would envisage measures to boost the country’s economy by uplifting agriculture, information technology and other untapped sectors. “Our programme is under discussion and I will announce it very soon. Great work has gone into it. It involves discussions and deliberations with all stakeholders over the last many months. Recently we have finalised its broad parameters. By next week or so, we will finalise it. I will go to the people to announce the programme for the next five years,” the PM remarked.
Highlighting the challenges of reforms in the Federal Board of Revenue and power sector, he told the gathering that he was personally monitoring the digitisation of FBR and the government was hopeful of positive outcomes of power sector reforms.
