Prime Minister (PM) Muhammad Shehbaz Sharif launched Buna-Raast connectivity project here in Islamabad on Thursday to streamline remittances from the Arab world to Pakistan.

The project links Pakistan’s digital payment system, Raast, with Buna, which is established under the Arab Monetary Fund. Speaking on the occasion, the Prime Minister said this ground breaking initiative will further strengthen our historic relations with the Arab World in a modern digital way.

He said this land- mark initiative aims to facilitate our fellow Pakistanis in the Arab world to quickly send their money back home. Shehbaz Sharif pointed out that it is Pakistan’s first cross border real time payment system that will make remittances more affordable and accessible.

Referring to the economic challenges, the Prime Minister said he will soon announce a five year home grown economic program. He said discussions have been held with stakeholders on it over the last many months.

He said the program will envisage measures to uplift the economy and different sectors including agriculture and IT. In his remarks on the occasion, Finance Minister Muhammad Aurangzeb expressed satisfaction that macro-economic stability is taking roots in Pakistan.

He said the investor confidence is also coming back to the country. He was confident that the Extended Fund Facility of the International Monetary Fund (IMF) will help bring permanence to macro-economic stability. He said the government is committed to structural reforms including in the energy and taxation system.

The Finance Minister said remittances are a lifeline for Pakistan and the country received remittances of three billion dollars in the month of July this year. He said that Buna-Raast project will further enhance remittances.