Prime Minister Shehbaz Sharif announced to unveil a comprehensive five-year economic revival strategy in the coming weeks.
Speaking at the launch of the Buna-Raast connectivity project, the Prime Minister revealed that the “Home-Grown Economic Program” has been developed through extensive consultations with stakeholders over several months.
The forthcoming plan aims to invigorate Pakistan’s economy by focusing on key sectors such as agriculture, information technology, and other underutilized areas. “Our program is under discussion and I will announce it very soon. Great work has gone into it,” the Prime Minister stated, emphasizing the collaborative effort involved in finalizing the plan’s broad parameters.
Addressing the challenges faced by the Federal Board of Revenue (FBR) and the power sector, Prime Minister Sharif assured attendees that he is personally overseeing the digitization of the FBR and expressed optimism about the positive outcomes of ongoing power sector reforms.
The launch of the Buna-Raast connectivity project marks a significant step in enhancing financial transactions between Pakistan and the Arab world.
By linking the Raast payment system with the Arab Monetary Fund’s Buna platform, the project aims to provide millions of overseas Pakistanis in Arab countries with a swift, affordable, and efficient remittance mechanism.
The Prime Minister highlighted the project’s potential to boost Pakistan’s foreign exchange reserves and strengthen ties with Arab nations.
He described it as a major advancement in expanding the country’s digital payment infrastructure, with the potential to evolve into a broader regional payment system capable of handling over $20 billion in annual transactions.
Prime Minister Sharif expressed gratitude to the Arab Monetary Fund, State Bank of Pakistan, Finance Ministry, Bill and Melinda Gates Foundation, and Karandaaz for their support in launching the project.
During the ceremony, he presented mementos to key contributors, including Dr. Fahad Alturki, Chairperson of the Arab Monetary Fund; Jamil Ahmed, Governor of the State Bank of Pakistan; Dr. Anita Zaidi, President of the Bill and Melinda Gates Foundation; and Waqasul Hassan, CEO of Karandaaz.
