ISLAMABAD: Prime Minister Shehbaz Sharif has launched the Buna-Raast connectivity project in the federal capital, Islamabad, to streamline the flow of remittances from the Arab world to Pakistan through legal channels.
The project connects Pakistan’s digital payment system, Raast, with Buna, established by the Arab Monetary Fund.
Speaking at the ceremony in the federal capital, Prime Minister Shehbaz Sharif stated that this groundbreaking initiative will further strengthen their historic relations with the Arab world through modern digital means.
Shehbaz Sharif said this landmark initiative aims to help Pakistanis in the Arab world send their money back home quickly.
The Prime Minister highlighted that it is Pakistan’s first cross-border real-time payment system, which will make remittances more affordable and accessible.
Referring to the economic challenges, he said he will soon announce a five-year homegrown economic program. Shehbaz Sharif noted that discussions with stakeholders on this matter have been ongoing for several months.
He said the program will outline measures to boost the economy and various sectors, including agriculture and IT.
Shehbaz said that, in addition to easing the digital remittance process, it would also help boost the country’s foreign exchange and further strengthen the already cordial relations between Pakistan and the Arab world.
Calling it a significant advancement in promoting financial transactions through modern techniques, Shehbaz said the project would broaden the scope of Pakistan’s digital payment infrastructure.
“This shows how 21st-century Pakistan is advancing by incorporating modern technologies into people’s lives. This is the first cross-border real-time payment system linkage that will make remittances more affordable and accessible,” he said.
PM also noted that the project has the potential to evolve into a future model of a broader payment system, where transactions could occur region to region, with the potential for over $20 billion in annual payments.
The Prime Minister thanked the Arab Monetary Fund, State Bank of Pakistan, Finance Ministry, Bill and Melinda Gates Foundation, and Karandaaz for their support in launching the project.
Earlier, he also presented mementos to Dr. Fahad Alturki, Chairperson of the Arab Monetary Fund, Jamil Ahmed, SBP Governor, Dr. Anita Zaidi, President of the Bill and Melinda Gates Foundation, and Waqasul Hassan, CEO of Karandaaz.
