Buna-Raast: PM Shehbaz launches project to facilitate remittances from Arab countries

Prime Minister Shehbaz Sharif has launched the Buna-Raast connectivity project, marking a significant step forward in enhancing Pakistan's digital payment infrastructure.

The initiative links Pakistan’s Raast payment system with the Arab Monetary Fund’s Buna platform, enabling millions of overseas Pakistanis in Arab countries to send remittances swiftly and affordably.

Speaking at the launch ceremony in Islamabad, the prime minister highlighted the project's potential to boost Pakistan's foreign exchange reserves and strengthen ties with the Arab world.

He emphasised that the Buna-Raast system is the first cross-border real-time payment linkage, making remittances more accessible and reducing costs for users.

“This project symbolises how 21st-century Pakistan is moving ahead by integrating modern technologies into daily life,” the prime minister remarked.

He further added that the initiative could pave the way for future regional payment systems, potentially facilitating over $20 billion in annual transactions.

The prime minister also acknowledged the support of the Arab Monetary Fund, the State Bank of Pakistan, the Finance Ministry, the Bill and Melinda Gates Foundation, and Karandaaz in launching the project.

He noted that the digitalisation of financial transactions would promote transparency and efficiency, particularly benefiting women, who make up 90% of remittance recipients.