ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has established a new committee aimed at advancing a cashless economy and enhancing digitization, as announced during a high-level meeting in Islamabad. This initiative underscores the government’s commitment to economic reform and digital transformation.

The newly formed committee will convene weekly under the leadership of Prime Minister Sharif to assess progress and implement strategic measures. The Prime Minister emphasized the importance of digital payments and fund transfers, urging the adoption of relevant policy measures to support this transition.

The government has already proposed several initiatives in the federal budget for the upcoming financial year to foster a cashless economy. Among these steps are plans to promote digital transactions for shopping and money transfers, aimed at curbing the informal economy.

During the meeting, Prime Minister Sharif highlighted the successful deployment of digital wallets during the holy month of Ramazan, which ensured efficient and transparent assistance distribution without human interference.

Furthermore, the Prime Minister noted a decrease in inflation and an increase in foreign remittances as indicators of economic improvement. He attributed the bullish trend in the stock market to growing investor confidence in government policies.

The meeting also included briefings on ongoing efforts by the Ministries of Finance and Information Technology to support the cashless economy initiative. Traders have been instructed to adopt digital payment systems as part of these efforts.