• Launches Buna-Raast connectivity project to ease fund transfers from Arab states
• Aurangzeb says macroeconomic stability improving

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday that he would unveil a five-year economic revival plan in the coming weeks, as its broad parameters had already been finalised following months-long deliberations with stakeholders.

Addressing the launch of the Buna-Raast Connectivity Project, the premier 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,” he remarked.

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

“There is no magic wand. It is all about hard work, sacrifice, blood and sweat. Our nation is robust and strong. Our people are full of hope and energy. Let us put our work together. Let us not waste time on debates as we had done in the past. Let us now use this time for actual implementation on the ground. Insha Allah, you will see we will have dividends and will find our place in the comity of nations through hard work, hard work and hard work,” he said.

Buna-Raast

Under the new connectivity project, the Raast payment mechanism is being linked with the Arab Monetary Fund’s Buna system to facilitate millions of overseas Pakistanis in Arab countries to send remittances through a swift, affordable, and effective system.

The project links Pakistan’s digital payment system, Raast, with Buna, which is established under the Arab Monetary Fund.

The prime minister said that 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.

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

He said the project could potentially 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.

Macroeconomic stability

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

He was confident that IMF’s Extended Fund Facility would help bring permanence to macro-economic stability.

He said the government was committed to infrastructural reforms and its efforts were bearing fruit, though a lot more was yet to be done.

Remittances are on the rise with $3bn received in July, he added.

About the Buna-Raast project, he said it would put the country on a sustainable path and the right side of the Financial Action Task Force.

Dr Anita Zaidi said the project would link the economies of Pakistan and the Arab world digitally, boost productivity and bring efficiency to systems.

Published in Dawn, August 23rd, 2024