Prime Minister Shehbaz Sharif has officially launched Buna Raast, Pakistan’s first-ever cross-border money transfer system. This innovative initiative marks a significant step towards promoting financial transactions through modern technology and eliminating reliance on informal channels and hundi practices.

Buna Raast offers a transparent and efficient platform for transferring funds between Pakistan and Arab countries, providing convenience and ease of access for Pakistani citizens working abroad. The system strengthens Pakistan’s digital infrastructure, paving the way for increased remittances and the eradication of hundi practices.

PM Sharif expressed his gratitude to the Bill & Melinda Gates Foundation and Karandaaz for their collaboration in this project, acknowledging the efforts of the Finance Minister and Governor of the State Bank in making Buna Raast a reality.

This initiative is expected to play a crucial role in expanding Pakistan’s digital payment infrastructure globally, ushering in a new era of governance and strengthening historical ties with Arab countries. Buna Raast will also facilitate services for overseas Pakistanis and showcases the country’s commitment to adopting modern technology.

Finance Minister Muhammad Aurangzeb expressed optimism about Pakistan’s economic stability and highlighted the significance of Buna Raast. He credited Prime Minister Sharif’s leadership for the positive economic trajectory, emphasizing the importance of Pakistan’s participation in the World Economic Forum in Riyadh.

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Aurangzeb also noted the increase in foreign exchange reserves, investor confidence, and the stabilization of the Pakistani Rupee. He emphasized the government’s commitment to reforming the energy sector and tax system, highlighting the importance of digitalization for Pakistan’s progress.

The Finance Minister reiterated the government’s commitment to structural reforms and acknowledged the importance of remittances for Pakistan’s economic stability, citing the receipt of $3 billion in remittances during July.

Buna Raast marks a significant milestone in Pakistan’s journey towards a more digital and inclusive economy, paving the way for a brighter future for its citizens and businesses.