Islamabad (Web Desk/Agencies): Prime Minister Shehbaz Sharif on Thursday said that 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.
Addressing the launching ceremony of Buna-Raast connectivity project in Islamabad, the premier said that the “Home-Grown Economic Program” would envisage measures to boost the country’s economy by uplifting agriculture, information technology and other untapped sectors.
“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,” the prime minister remarked.
Highlighting the challenges of reforms in the Federal Board of Revenue (FBR) and power sector, he told the gathering that 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 band. 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.
Under the Buna-Raast 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 mechanism.
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.
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 said.
PM Shehbaz said that 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 (sbp), Finance Ministry, Bill and Melinda Gates Foundation and Karandaaz for their support in launching the project.
Earlier, he also gave away the mementos to 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 that the 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.
He said the government was committed to infrastructural reforms and that its efforts were bearing fruits, though a lot more was yet to be done. The remittances were on the surge with $3 billion received in July, he added.
About the Buna-Raast connectivity project, he said the digitalisation would help bring transparency and reduce leakages in remittances, taxation and the power sectors.
He said the project would put the country on a sustainable path and on the right side of the Financial Action Task Force (FATF).
President of Bill & Melinda Gates Foundation Dr Anita Zaidi said that the project would link the economies of Pakistan and the Arab world digitally, boost productivity and bring efficiency to systems.
Besides, it will also improve individuals’ lives making it cheaper to send money and improve families’ economic condition as 90% of remittance receivers were women.
She viewed that the project would facilitate, particularly women entrepreneurs enabling them to sell their goods and receive money digitally.