Prime Minister Shehbaz Sharif announced on Thursday that Pakistan is on the verge of introducing a five-year economic plan, which he will unveil in the coming weeks. Speaking at the launch of the Buna-Raast connectivity project, the PM emphasized that this “home-grown economic programme” aims to rejuvenate the economy by boosting sectors such as agriculture and information technology.
“We have recently outlined the key aspects of this plan, and by next week, it will be finalized. I will present it to the nation,” said PM Shehbaz.
Discussing the significance of the Buna-Raast connectivity project, the PM highlighted its role in expanding Pakistan’s digital payment infrastructure. “Today, we are integrating Pakistan into a broader financial ecosystem, formalizing remittance flows, and entering a new era of digital governance,” he stated.
The Buna-Raast initiative connects Pakistan’s Raast payment system with the Arab Monetary Fund’s Buna platform, facilitating efficient, cost-effective remittance transfers for millions of overseas Pakistanis in Arab countries. This project marks Pakistan’s first cross-border real-time payment system linkage, which the PM believes will make remittances more affordable and accessible while strengthening ties with the Arab world in a digital context.
Prime Minister Shehbaz also noted that the project has the potential to evolve into a wider payment system that could enable regional transactions, potentially handling over $20 billion in annual payments.
During the ceremony, Finance Minister Muhammad Aurangzeb praised the government’s economic policies, noting improvements in currency stability, foreign reserves, and international ratings. He emphasized that remittance flows, which grew by 11% year-on-year in the last fiscal year, are crucial for Pakistan’s economy. The finance minister attributed this growth to both macroeconomic stability and administrative measures aimed at curbing illegal remittance channels.
Aurangzeb stressed the importance of digitization in reducing economic leakages, particularly in remittance flows, and called for continued efforts to sustain positive growth trends. He pointed out that the Buna-Raast project offers an attractive alternative to informal remittance channels like Hawala and Hundi, thereby helping to combat corruption and improve economic efficiency.
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