Islamabad: Prime Minister Muhammad Shehbaz Sharif inaugurated the Buna-Raast connectivity project in Islamabad today, a landmark initiative to streamline remittances from the Arab world to Pakistan, as reported on August 22.
As per details, this project integrates Pakistan’s digital payment platform, Raast, with Buna, a system established under the Arab Monetary Fund, creating Pakistan’s first cross-border real-time payment system.
During the launch, Prime Minister Shehbaz Sharif emphasised the project’s significance, noting that it will further enhance the historic ties between Pakistan and the Arab world through modern financial channels. He highlighted that this innovative system will enable Pakistani expatriates in Arab countries to send money home more efficiently, making remittances more affordable and accessible.
Addressing the nation’s economic challenges, the Prime Minister announced plans to introduce a five-year homegrown economic program, developed in consultation with various stakeholders. This program aims to revitalise the economy, with a focus on key sectors such as agriculture and information technology.
Finance Minister Muhammad Aurangzeb, speaking at the event, expressed optimism about Pakistan’s macroeconomic stability, noting that investor confidence is beginning to return. He assured that the ongoing IMF Extended Fund Facility will contribute to long-term economic stability and reiterated the government’s commitment to structural reforms in the energy and taxation sectors.
The Finance Minister also underscored the importance of remittances, describing them as a lifeline for Pakistan. He reported that the country received USD3 billion in remittances in July 2024 alone and projected that the Buna-Raast project will further boost these vital inflows, contributing significantly to the nation’s economic health.
