ISLAMABAD: Prime Minister Shehbaz Sharif announced on Thursday that a five-year “Home-Grown Economic Program” aimed at revitalizing Pakistan’s economy will be unveiled soon.
Speaking at the launch of the Buna-Raast connectivity project in the country’s capital, the premier said that the program would focus on boosting agriculture, information technology, and other underdeveloped sectors.
“The ‘Home-Grown Economic Program’ will include measures designed to uplift various sectors and invigorate the national economy,” said Shehbaz Sharif. He said that extensive consultations with stakeholders had already defined the program’s broad parameters, and the final details would be announced within the next week.
The Prime Minister addressed the ongoing challenges in reforming the Federal Board of Revenue (FBR) and the power sector, emphasizing his personal involvement in the FBR’s digitization efforts and the government’s optimism about the outcomes of power sector reforms. “There’s no magic wand; it’s all about hard work, dedication, and perseverance. By God’s will, we will see results and secure our place among the nations through relentless effort,” he asserted.
Buna-Raast Connectivity Project
The Buna-Raast connectivity project aims to link Pakistan’s Raast payment system with the Arab Monetary Fund’s (AMF) Buna system, facilitating easier, more cost-effective remittances for millions of overseas Pakistanis in Arab countries.
Sharif highlighted that the project would simplify the digital remittance process, enhance the country’s foreign exchange reserves, and strengthen relations between Pakistan and the Arab world. “This project represents a significant advancement in financial transactions through modern technology, making remittances more affordable and accessible,” he stated.
He also noted that the project could evolve into a broader payment system, potentially handling over $20 billion in annual transactions. The Prime Minister expressed his gratitude to the AMF, State Bank of Pakistan, Ministry of Finance, Bill and Melinda Gates Foundation, and Karandaaz for their support.
During the event, Sharif presented mementos to AMF Chairperson Dr. Fahad Alturki, SBP Governor Jamil Ahmed, Bill and Melinda Gates Foundation President Dr. Anita Zaidi, and Karandaaz CEO Waqasul Hassan.
Finance Minister Muhammad Aurangzeb praised the progress towards macroeconomic stability, citing improvements such as a reduced current account deficit, a stable currency, enhanced foreign reserves, and renewed investor confidence. He emphasized the government’s commitment to infrastructure reforms and noted a significant increase in remittances, with $3 billion received in July.
Aurangzeb highlighted that the Buna-Raast project would contribute to transparency and reduce leakages in remittances, taxation, and the power sector, helping Pakistan meet FATF standards and pave the way for sustainable development.
Dr. Anita Zaidi noted that the project would link Pakistan’s and the Arab world’s economies digitally, improving productivity and efficiency. She emphasized the benefits for individuals, particularly women, noting that the project would make remittances cheaper and support women entrepreneurs by facilitating digital transactions for their businesses.
