Islamabad: Prime Minister Muhammad Shehbaz Sharif today launched the Buna-Raast connectivity project, a new initiative designed to facilitate faster and more cost-effective remittance transfers from the Arab world to Pakistan, marking a significant development in Pakistan’s digital financial services landscape.

According to Ministry of Information and Broadcasting, the Buna-Raast project connects Pakistan’s digital payment system, Raast, with Buna, a system developed under the Arab Monetary Fund. Prime Minister Sharif highlighted that this initiative is poised to enhance the longstanding relationship between Pakistan and the Arab world through modern digital solutions. He noted that it is Pakistan’s first cross-border real-time payment system aimed at making remittances more affordable and accessible.

During the launch, the Prime Minister also discussed the broader economic context, mentioning an upcoming five-year, home-grown economic program to address various challenges and boost sectors like agriculture and information technology. Finance Minister Muhammad Aurangzeb added that the new connectivity project would bolster remittance inflows, which are crucial for Pakistan’s economy, pointing to the three billion dollars received in July alone. He also expressed optimism about achieving macro-economic stability through ongoing structural reforms and the Extended Fund Facility of the IMF.