PM Shehbaz inaugurates Buna Raast connectivity project

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif inaugurated the Buna-Raast connectivity project in Islamabad in a significant move to boost remittances from the Arab world. This groundbreaking initiative integrates Pakistan’s digital payment system, Raast, with Buna established under the Arab Monetary Fund’s platform.

The Prime Minister described the project as a modern digital milestone in Pakistan’s historic relations with the Arab world, facilitating swift and affordable remittances for overseas Pakistanis. He emphasized that this pioneering cross-border real-time payment system marks a significant first for Pakistan.

Addressing economic challenges at the occasion, PM Shehbaz Sharif announced plans to introduce a comprehensive five-year economic program, crafted through extensive stakeholder consultations. The program aims to revitalize the economy, with a focus on key sectors like agriculture and IT.

Finance Minister Muhammad Aurangzeb expressed optimism about macroeconomic stability taking hold in Pakistan, citing renewed investor confidence. He anticipated that the IMF’s Extended Fund Facility would cement this stability.

The government, Aurangzeb assured, is committed to structural reforms in areas like energy and taxation. He highlighted the vital role of remittances in Pakistan’s economy, noting that the country received $3 billion in remittances in July. The Buna-Raast project would further enhance remittance flows, he added.