By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday a comprehensive five-year economic revival plan, finalised after months of stakeholder consultations, will be announced in the coming weeks.
“Our program is under discussion and I will announce it very soon. Great work has gone into it. It involves discussions and deliberations with all stakeholders over the last many months,” Sharif said at the launch of Buna-Raast connectivity project.
“Recently, we have finalised its broad parameters. By next week or so, we will finalise it. I will go to the people to announce the programme for the next five years.”
Sharif said the “home-grown” program aims to boost the country’s economy by developing agriculture, information technology, and other untapped sectors.
The prime minister acknowledged challenges in implementing reforms in the Federal Board of Revenue (FBR) and power sector, saying “There is no magic wand. It is all about hard work, sacrifice, blood and sweat”.
“God willing, you will see we will have dividends and will find our place in the comity of nations through hard work”.
Cross-border payment link
Pakistan has implemented a project to connect its Raast instant payment system with the Arab Monetary Fund’s (AMF) Buna cross-border payment system, facilitating real-time remittances between Pakistan and Arab countries.
The initiative, launched by Prime Minister Sharif, aims to increase remittance transfers and provide millions of Pakistanis living in Arab countries with a fast, effective, and low-cost means of sending money home.
The link-up follows a November 2023 memorandum of understanding between the AMF and the State Bank of Pakistan (SBP). The inclusion of the Pakistani Rupee (PKR) as a settlement currency in Buna is expected to streamline remittances and cross-border retail payments, which total over $20 billion annually.
“This landmark initiative will facilitate our fellow Pakistanis living abroad and ensure their efforts translate seamlessly into timely support for their families back home,” Sharif said.
“It is Pakistan’s first cross border real time payment systems linkage that will make remittances more affordable and accessible. Additionally, it also holds the potential to accelerate our connectivity into a future model of vital payment connectivity where transactions will take place region to region.”
Fahad M. Alturki, AMF Director General and Chairman of the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), said the collaboration would enable swift and secure remittances.
“By leveraging the strengths of Buna and Raast, remittances will reach their intended recipients swiftly and securely. Our joint efforts are a testament to our shared vision of advancing financial inclusion and creating lasting values for our economies.”
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