Prime Minister Shehbaz Sharif Launches Buna-Raast Project to Increase Remittances from Arab Countries
Islamabad – On August 22, Prime Minister Muhammad Shehbaz Sharif officially opened the Buna-Raast connectivity project in Islamabad. This step is aimed to promote and boost remittances from Arab countries.
The Buna-Raast project connects Pakistan’s digital payment system, Raast, with Buna, a system created by the Arab Monetary Fund. This integration creates Pakistan’s first real-time cross-border payment system.
During the launch, Prime Minister Shehbaz Sharif highlighted the significance of this project. He explained that it will strengthen the long-standing relationship between Pakistan and the Arab world by using modern financial technology. He highlighted that this new system will enable Pakistanis living in Arab countries to remit money home more efficiently, making transfers both cheaper and more accessible.
Addressing the country’s economic challenges, the Prime Minister announced that he will soon introduce a five-year economic revival plan. This “Home-Grown Economic Program” has been developed after months of discussions with various stakeholders. The plan aims to boost Pakistan’s economy by focusing on key areas such as agriculture and information technology.
Finance Minister Muhammad Aurangzeb also spoke at the event. He expressed optimism about Pakistan’s economic stability, noting that investor confidence is starting to return. He assured that the ongoing IMF Extended Fund Facility will help achieve long-term economic stability. Moreover, he also spotlighted the government’s dedication to major reforms in the energy and tax sectors.
Remittances has an exceptional (money sent by Pakistanis working abroad) for the country’s economy. Finance Minister reported that Pakistan received $3 billion in remittances in July 2024 alone. He believes that the Buna-Raast project will help increase these vital money inflows, significantly benefiting Pakistan’s economic health.
Overall, the Buna-Raast project is good and encouraging news for Pakistan. In the future, it can modernize the economy, improve financial systems, and strengthen international relationships with Pakistan.
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