Today Prime minister Pakistan Announced First Ever Cross-border Money transfer system for Middle east, As millions of Pakistani are working in Middle east including UAE, Saudi Arabia, Qatar, Kuwait, Oman, in PM House held a ceremony for inauguration of "Bona Rast" Payment system today.
At a recent ceremony, Federal Minister of Finance Muhammad Orze and other dignitaries, including the Chairperson of the Arab Monetary Fund and Dr. Anita Zi from the Bill and Melinda Gates Foundation, gathered to mark the launch of a significant financial connectivity initiative between Pakistan and the Arab world. The event highlighted a new digital payment project aimed at streamlining financial transactions and strengthening economic ties between the two regions.
PM Said Bona not Mean "Bunni (Brown) it means Banaya (Building), Building not made of steel but Building of Money. We took this step to make Pakistan digital.
Due to make economy more strong, fight against "hawala hundi". We decided to announce new payment system for middle east residents/workers.
He said Bona Rast a great connectivity between Pakistan and Arab world as a matter of great comfort and happiness this will certainly uh a great uh step forward in promoting our financial transaction through modern techniques in that uh I would like to uh appreciate uh your Excellency your contribution and uh Melinda Bill Gates Foundation and of course. You have been extremely helpful in the recent months I'm sure this project is also going to be very very productive in our efforts.
In his address, the Federal Minister emphasized the importance of this project in modernizing Pakistan's financial systems and highlighted its potential to boost economic interactions between Pakistan and the Arab region, where annual remittances exceed $2 billion. The project also aligns with Pakistan's broader goals of integrating modern technology into its financial sector and celebrates the nation's 77 years of independence.
The event also touched on various ongoing challenges facing Pakistan, including issues within the Federal Board of Revenue and the power sector. The Minister assured that significant reforms and digitalization programs are underway, supported by the Bill and Melinda Gates Foundation and other stakeholders. He announced plans for a new "homegrown economic program" designed to address these challenges and promote sustainable economic growth over the next five years.
Overall, the initiative symbolizes a commitment to harnessing technology and finance for the betterment of Pakistan's economy and its global economic relations. The collaborative efforts of various partners and stakeholders are seen as crucial to overcoming current obstacles and achieving long-term economic stability and progress.
Minister or Governor State Bank all of you have done a remarkable job but let me first make a couple of Corrections uh karandas CEO said completion time would be 5 years actually made a you know mistake it was 5 months in fact.
So I'm sure he's going to make this correction uh sooner rather than
later and there was another you know mistake made my me and I'm thankful to his Excellency he made this correction.
I thought Bona comes from bunni and he said no it's not bunni it comes from banaya that is building so thank you very much but so uh I would like to say make a very short statement and that is uh uh you know launching of this bunas connectivity
In inauguration ceremony officials of State bank of Pakistan, Official from United Arab Emirates ,
Q: What was the main purpose of the recent ceremony attended by Federal Minister Muhammad Orze and other dignitaries?
A: The ceremony was held to launch the "Bunar" project, a significant financial connectivity initiative aimed at integrating Pakistan's digital payment infrastructure with the Arab world. This project is designed to streamline financial transactions and enhance remittance flows between the two regions.
Q: How will the "Bunar" project benefit Pakistan and its citizens?
A: The "Bunar" project will facilitate real-time cross-border payments, making remittances more efficient and affordable. It will help Pakistanis living abroad support their families back home seamlessly. Additionally, it strengthens economic ties between Pakistan and the Arab region, where remittances exceed $2 billion annually.
Q: What were some key highlights of the Federal Minister’s speech?
A: The Federal Minister highlighted the importance of the "Bunar" initiative in modernizing Pakistan's financial systems and integrating them into the broader financial ecosystem. He also discussed ongoing challenges within the Federal Board of Revenue and the power sector, and announced a forthcoming "homegrown economic program" aimed at addressing these issues and promoting economic growth.
Q: What are some of the challenges that Pakistan is currently facing according to the Federal Minister?
A: Pakistan is dealing with challenges related to the Federal Board of Revenue, which is undergoing a digital transformation, and issues within the power sector. The Minister emphasized that these challenges are being addressed through reforms and digitalization efforts supported by various stakeholders.
Q: What is the significance of the "Bunar" project in the context of Pakistan's 77 years of independence?
A: The launch of the "Bunar" project is seen as a milestone in modernizing Pakistan's financial infrastructure, aligning with the country’s 77th Independence Day celebrations. It represents a step forward in incorporating 21st-century technology into Pakistan's financial systems and enhancing its economic interactions with the Arab world.
Q: What future plans did the Federal Minister outline in his speech?
A: The Minister outlined plans for a "homegrown economic program" which will be announced soon. This program is intended to address various economic challenges and promote growth in sectors such as agriculture and IT over the next five years. The focus will be on hard work, sacrifice, and effective implementation of reforms.
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Good kuck
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