Prime Minister Muhammad Shehbaz Sharif on Wednesday established a high-level committee, chaired by himself, to promote a cashless economy and expedite the digitization of Pakistan’s financial ecosystem.

The committee will meet weekly to review progress and initiatives aimed at encouraging digital payments and money transfers, underscoring the government’s commitment to economic reform.

During the inaugural meeting, the prime minister emphasized that digitizing the economy is a top priority for the government. He directed officials to implement policy measures that foster the use of digital money transfers and payments.

Highlighting the federal budget 2025-26, PM Shehbaz noted several initiatives designed to promote a cashless economy. He also stressed efforts to curb the informal economy by encouraging digital transactions for shopping and remittances.

“During the holy month of Ramazan, funds were transferred to rightful beneficiaries through digital wallets in a transparent, efficient, and effective manner,” the prime minister said. He added that digital wallets ensure aid reaches beneficiaries without human interference, promoting transparency in distribution.

The prime minister also pointed to positive economic indicators, including a reduction in inflation and an increase in foreign remittances. “The bullish trend in the stock market reflects investor confidence in government policies,” he remarked, attributing the progress to the dedicated efforts of the government’s economic teams.

Officials briefed the meeting on instructions given to traders regarding digital payments and money transfers, as well as ongoing initiatives by the Ministries of Finance and Information Technology.

The meeting was attended by Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema, Shaza Fatima Khawaja, Minister of State Bilal Azhar Kayani, Chairman of the Federal Board of Revenue (FBR), and other senior officials.