Prime Minister Shehbaz Sharif has said he will unveil a 5-year economic revival plan in the coming weeks. The plan’s broad parameters have already been finalized after months of discussions with stakeholders.

The “Home-Grown Economic Program” will focus on measures to boost Pakistan’s economy by investing in and developing sectors like agriculture and information technology, as well as other untapped areas.

Sharif acknowledged the challenges involved in reforming the Federal Board of Revenue (FBR) and the power sector. He stated he is personally overseeing the digitization of the FBR, and the government is hopeful the power sector reforms will yield positive outcomes.

The prime minister made these remarks while speaking at the launch ceremony of the Buna-Raast connectivity project.

“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. 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 program for the next five years,” he said.

“There is no magic band. It is all about hard work, sacrifice, blood and sweat. Our nation is robust. 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 added.

The Buna-Raast connectivity project is linking the Raast payment mechanism in Pakistan with the Buna system operated by the Arab Monetary Fund. This will facilitate millions of overseas Pakistanis living in Arab countries to more easily send remittances back home.

The new linkage will provide a swift, affordable and effective method for these overseas Pakistanis to transfer money.

Beyond just easing the remittance process digitally, the prime minister said this project will also help boost Pakistan’s foreign exchange reserves and further strengthen the already cordial relations between Pakistan and the Arab world.

The Prime Minister called this a great step forward in promoting financial transactions through modern digital payment techniques. He said the project will expand the reach of Pakistan’s overall 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 said.

He said the Buna-Raast connectivity project has the potential to accelerate the development of a wider regional payment system. This could facilitate over $20 billion in annual transactions between different regions.

Shehbaz Sharif thanked the Arab Monetary Fund, State Bank of Pakistan, Finance Ministry, Bill and Melinda Gates Foundation, and Karandaaz for their support in launching this project.

Earlier, the prime minister had presented mementos to the key officials involved, including the Chairperson of the Arab Monetary Fund, the SBP Governor, the President of the Bill and Melinda Gates Foundation, and the CEO of Karandaaz.

In his remarks, Finance Minister Muhammad Aurangzeb stated that Pakistan’s economy is showing signs of macroeconomic stability. This is evident in factors like a reduced current account deficit, a stable currency, improved foreign exchange reserves, upgraded sovereign credit ratings, and reviving investor confidence.

Aurangzeb said the government is committed to infrastructure reforms, and its efforts are bearing fruit, though more work remains to be done. He also noted that remittances to Pakistan have been surging, reaching $3 billion in July.

He stated that the digitalization enabled by the Buna-Raast connectivity project will help bring more transparency and reduce leakages in the areas of remittances, taxation, and the power sector.

He said this project will put Pakistan on a sustainable path and help the country maintain compliance with FATF (Financial Action Task Force) standards.

The President of the Bill & Melinda Gates Foundation, Dr. Anita Zaidi, said the project will digitally link the economies of Pakistan and the Arab world. This will boost productivity and improve the efficiency of various systems.

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