Prime Minister Muhammad Shehbaz Sharif is spearheading a drive for transparency and economic growth.
Sharif chaired a meeting focused on accelerating the adoption of digital transactions, directing officials to make these exchanges more affordable and convenient than cash. He stressed that developed nations and thriving economies globally are prioritizing cashless systems. The Prime Minister also highlighted the potential for reinvesting funds circulating within the banking system into governmental initiatives.
Sharif ordered the creation of three specialized subcommittees: the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee. These bodies will formulate recommendations on streamlining transactions between citizens and businesses, promoting awareness about digital platforms, empowering the Pakistan Digital Authority, devising a comprehensive national digital blueprint, and facilitating exchanges between government and private entities.
The Prime Minister directed that the Raast Digital Payment System (RAAST) be implemented across all provinces and the federal government. He advocated for leveraging modern technology to build robust digital transaction and payment frameworks. Sharif also mandated that transactions between public and private sectors be conducted cashless.
Attendees received a briefing on the current progress of the cashless initiative. It was revealed that 40 million users currently utilize the Raast system, with ongoing efforts to expand its reach. All federal government financial dealings are now processed through Raast, and its implementation is being extended to the provinces.
The briefing emphasized the crucial role of Fintech in this ecosystem, highlighted the establishment of the Pakistan Digital Authority and its work towards a cashless economy, and noted that the Digital Public Infrastructure Committee will operate under the Federal Ministry of IT’s guidance. A Cashless Pakistan Steering Committee has been established within the Ministry of Interior Secretariat. The Ministry of IT is also pursuing the Smart Islamabad Pilot Project, aiming to transform Islamabad into Pakistan’s first cashless metropolis.
The meeting included Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Petroleum Ali Pervez Malik, Federal Minister for IT Shaza Fatima Khawaja, Federal Minister for Climate Change Dr. Mosaddiq Masood Malik, the Governor of the State Bank, the Chairman of the Federal Board of Revenue (FBR), and other senior officials from relevant organizations.