PM Shehbaz launches Buna-Raast connectivity project

ISLAMABAD: Prime Minister Shehbaz Sharif Thursday launched the Buna-Raast connectivity project, which would link the payment mechanism with the Arab Monetary Fund’s system to facilitate millions of overseas Pakistanis in Arab countries to send remittances through a swift, affordable and effective method.

Addressing the launching ceremony, he said besides easing the remittance-sending process digitally, 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 great step forward in promoting financial transactions through modern techniques, he said the project would expand the reach of Pakistan’s digital payment infrastructure. “This signifies how 21st-Century Pakistan is moving ahead by augmenting modern technologies in the people’s lives.

“This is the first cross-border real-time payment system linkage that will make remittances more affordable and accessible,” he added.

PM Shehbaz said the project also held the potential to accelerate the connectivity into a future model of a wider payment system where transactions would take place from region to region with a potential of over $20 billion in annual payments. He 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.

The premier said he would unveil a five-year economic revival plan in the coming weeks as broad parameters had already been finalised through months-long deliberations with the stakeholders. He said the ‘Home-Grown Economic Programme’ would envisage measures to boost the country’s economy by uplifting agriculture, information technology and other untapped sectors. “Our programme 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. 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,” the PM remarked.

Highlighting the challenges of reforms in the Federal Board of Revenue and power sector, he told the gathering that he was personally monitoring the digitisation of FBR and the government was hopeful of positive outcomes of power sector reforms.

Earlier, he also gave away mementos to the chairperson of Arab Monetary Fund Dr Fahad Alturki, SBP Governor Jamil Ahmed, President of Bill and Melinda Gates Foundation Dr Anita Zaidi and CEO of Karandaaz Waqasul Hassan.

In his remarks, Finance Minister Muhammad Aurangzeb said macroeconomic stability was taking root in Pakistan’s economy as manifested by reduced current account deficit, stable currency, improved foreign reserves, upgraded sovereign ratings and reviving investors’ confidence.

Separately, Arab Monetary Fund Chairperson Dr Fahad M Alturki Thursday called on Prime Minister Muhammad Shehbaz Sharif and discussed matters related to mutual concerns. “The digitization of E-Commerce sector and the economy is top priority of the government,” Shehbaz said adding that a large number of Pakistanis were residing in the Gulf countries who send a large amount of foreign remittances to Pakistan.

Separately, Secretary-General of Conference on Interaction and Confidence Building Measures in Asia (CICA) Ambassador Kairat Sarybay Thursday called on Prime Minister Shehbaz Sharif. In the meeting, the PM expressed Pakistan’s strong desire for enhanced regional connectivity and commended CICA’s ongoing efforts in this regard. He reaffirmed Pakistan’s support for CICA’s core objective of strengthening regional cooperation as well as promoting peace, security and stability in Asia through confidence-building measures.

Secretary-General Sarybay briefed PM Shehbaz on CICA’s ongoing activities and initiatives as well as proposed vision for the future. He acknowledged Pakistan’s active and constructive role within CICA and expressed the hope for continued close cooperation.

Also, PM Shehbaz Sharif met German Federal Minister for Economic Cooperation and Development Svenja Schulze and expressed Pakistan’s strong desire to revive its partnership with Germany. He said Pakistan and Germany had a history of mutually beneficial commercial and economic ties and lauded Germany’s role in Pakistan’s industrial development.

Minister Schulze conveyed the greetings of German Chancellor Olaf Scholz to the prime minister and reaffirmed Germany’s commitment to strengthening bilateral relations with Pakistan, particularly in trade, investment and development cooperation. She also shared that Germany was keen to increase its support for Pakistan’s renewable energy sector and climate resilience initiatives. The two sides discussed ways to further enhance bilateral economic cooperation, including increased trade, investment, IT and technology transfer as well as export of skilled labour. They also exchanged views on regional and global issues, including the situation in Gaza and the Ukraine conflict. Minister Schulze also extended an invitation to the prime minister on behalf of Chancellor Olaf Scholz to attend the Hamburg Sustainability Conference in October.

Meanwhile, PM Shehbaz Sharif Thursday extended congratulations to five-year-old Sufiyan Mehsud from Dera Ismail Khan on setting a Guinness world record. Sufiyan made his parents and the country proud by achieving the remarkable feat at a tender age, the prime minister said in a message. He praised Sufiyan’s exceptional talent, saying that such gifted children are a guarantee of a bright future for Pakistan.