Islamabad: Prime Minister Muhammad Shehbaz Sharif today inaugurated the Buna-Raast connectivity project, a pivotal initiative aimed at enhancing remittance flows from the Arab world to Pakistan by integrating the nation’s digital payment systems.

According to Zameen.Com, the Buna-Raast project connects Pakistan’s Raast digital payment platform with Buna, developed by the Arab Monetary Fund, marking Pakistan’s first cross-border real-time payment system. Prime Minister Sharif emphasized the significance of this initiative in strengthening financial ties between Pakistan and the Arab world, improving the efficiency, affordability, and accessibility of remittance transactions for Pakistani expatriates.

The event also highlighted the government’s broader economic strategies, including a forthcoming five-year economic program focused on revitalizing key sectors such as agriculture and information technology. Finance Minister Muhammad Aurangzeb expressed optimism about returning investor confidence and the stabilizing role of the ongoing IMF Extended Fund Facility. He emphasized the critical role of remittances, which totaled USD 3 billion in July 2024, and projected that the new Buna-Raast integration would significantly enhance these vital economic inflows.