Buna-Raast project to promote financial transactions with Arab states: PM Shehbaz
Pakistan
Says the project will further strengthen our historic relations with the Arab World
ISLAMABAD (Dunya News) – Prime Minister Shehbaz Sharif has said that Buna-Raast connectivity project is a big step towards promoting financial transactions through modern techniques.
The Buna-Raast connectivity project, launched by the premier here on Thursday, will streamline remittances from Arab world to Pakistan. The project links Pakistan's digital payment system, Raast, with Buna, which is established under the Arab Monetary Fund.
Speaking on the occasion, Prime Minister Shehbaz said this ground-breaking initiative would further strengthen our historic relations with the Arab World digitally. “This landmark initiative aims to facilitate our fellow Pakistanis in the Arab countries to quickly send their money back home,” he added.
He pointed out that it is Pakistan's first cross-border real time payment system that will make remittances more affordable and accessible.
Referring to the economic challenges, the prime minister announced launching a five-year homegrown economic programme. Discussions have been held with stakeholders on the programme over the last many months. “The programme will envisage measures to uplift the economy and different sectors including agriculture and IT,” he continued.
FINANCE MINISTER AURANGZEB
In his address on the occasion, Finance Minister Muhammad Aurangzeb expressed satisfaction that macro-economic stability is taking roots in Pakistan.
He said the investors’ confidence is also restored and expressed confidence that the Extended Fund Facility of the IMF will help bring permanence to macroeconomic stability.
The minister said the government is committed to structural reforms including in the energy and taxation system.
The finance minister said remittances are a lifeline for Pakistan and the country received $3 billion in July. The Buna-Raast project will further enhance remittances to the country, Aurangzeb concluded.
