Prime Minister Shehbaz Sharif announced that he will soon reveal a comprehensive five-year economic programme aimed at revitalizing Pakistan’s economy through targeted reforms in agriculture, information technology, and other untapped sectors. Speaking at the launch of the Buna-Raast connectivity project on Thursday, the prime minister emphasized the importance of this “home-grown economic programme,” which is in its final stages of development. The initiative, designed to promote economic stability and growth, is expected to be announced within the coming weeks.
Highlighting the Buna-Raast connectivity project, the prime minister underscored its significance in expanding Pakistan’s digital payment infrastructure. “Today, our country enters a new dimension of digital governance by integrating Pakistan into a broader financial ecosystem and formalizing remittance flows,” he said. The project links Pakistan’s Raast payment mechanism with the Arab Monetary Fund’s Buna system, allowing millions of overseas Pakistanis in Arab countries to send remittances through an efficient, swift, and cost-effective system.
The initiative marks Pakistan’s first cross-border real-time payment system and is set to make remittances more affordable and accessible, with the potential to process over $20 billion in annual payments. Prime Minister Shehbaz further emphasized that the Buna-Raast project would enhance Pakistan’s ties with the Arab world, fostering economic relations through modern digital channels.
During the ceremony, Finance Minister Muhammad Aurangzeb praised the economic policies of the current government, stating that they are beginning to yield positive results. He pointed to indicators such as currency stability, an increase in foreign reserves, and improved ratings by international institutions. The minister noted that remittance inflows have been a crucial component of Pakistan’s economic resilience, with a 10.7% year-on-year increase in FY24, reaching $30.3 billion.
Aurangzeb also addressed the government’s efforts to curb the informal remittance market, emphasizing that digitization plays a critical role in reducing economic leakages. He expressed optimism about the ongoing negotiations with the International Monetary Fund (IMF), indicating that the talks are progressing in the right direction.
The finance minister reiterated the importance of combating economic leakages, particularly in remittance flows, taxation, and the power sector. He commended the Buna-Raast connectivity project for providing a secure and low-cost alternative to informal remittance channels such as Hawala and Hundi, while reinforcing the government’s commitment to economic transparency and growth.
