ISLAMABAD: Prime Minister Shehbaz Sharif has launched Buna-Raast connectivity project, marking significant step forward in enhancing Pakistan's digital payment infrastructure.

Initiative links Pakistan's Raast payment system with Arab Monetary Fund's Buna platform, enabling millions of overseas Pakistanis in Arab countries to send remittances swiftly and affordably.

Speaking at launch ceremony here, he highlighted project's potential to boost Pakistan's foreign exchange reserves and strengthen ties with Arab world. He emphasised that Buna-Raast system is first cross-border real-time payment linkage, making remittances more accessible and reducing costs for users.

"This project symbolises how 21st-century Pakistan is moving ahead by integrating modern technologies into daily life," he remarked. He added that initiative could pave way for future regional payment systems, potentially facilitating over $ 20 billion in annual transactions.

He acknowledged support of Arab Monetary Fund, State Bank of Pakistan, Finance Ministry, Bill and Melinda Gates Foundation and Karandaaz in launching project.

He noted that digitalisation of financial transactions would promote transparency and efficiency, particularly benefiting women, who make up 90 percent of remittance recipients.

Published in The Daily National Courier, August, 23 2024

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