PM Shehbaz Pushes for Digital Economy to Boost Transparency
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday reaffirmed the government’s commitment to strengthening economic transparency by fast-tracking the country’s shift towards a cashless and digital economy.
Chairing a high-level meeting, the Prime Minister said that digital payment systems between the government and citizens would not only ensure transparency but also make transactions more convenient and accessible, particularly for small and medium enterprises (SMEs).
Measures to Support SMEs, SOEs & Raast Expansion
PM Shehbaz directed officials to simplify digital economy measures for small businesses and ordered the finalisation of the Board of Governors and Chairman for Raast, Pakistan’s instant payment system, by September.
“Experts of economy and business must be included in Raast’s Board of Directors,” the Prime Minister stressed.
He also ordered that all State-Owned Enterprises (SOEs) be brought under the purview of the digital system, highlighting that progress towards a digital economy must accelerate further.
Mobile Banking, QR Codes & Public Awareness
During the briefing, officials informed the Prime Minister that the number of mobile banking and app users in Pakistan will rise from 95 million to 120 million, while digital payments are projected to double from Rs 7.5 billion to Rs 15 billion.
To support this expansion, import duties on digital payment devices have been abolished, while a nationwide awareness campaign for Raast and digital payments will be launched next month.
The State Bank of Pakistan (SBP) has also issued directives to expand the use of QR codes as a key payment method, targeting an increase in commercial points using digital payments from 500,000 to two million.
Remittance System & Public Infrastructure
The remittance system is being fully digitised so that all funds from abroad are received through the formal banking system. A new Digital Payments Index is also being launched within the month to benchmark Pakistan’s progress against developed economies.
The Capital Development Authority (CDA) Board has approved the right-of-way for digital public infrastructure in Islamabad. Additionally, public Wi-Fi and e-libraries at designated spots in the capital will be completed by December 2025.
Cashless Economy: First Phase & Wider Rollout
Consultations are underway with federal ministries, regulatory authorities, provinces, and district governments to fully digitise tax and non-tax payments, linking them to Raast.
In the first phase, all payments between the federal and provincial governments will be converted to 100% digital transactions. Salaries and pensions for government employees, as well as procurement payments, will be processed digitally.
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Third-Party Validation & Cross-Provincial Collaboration
The PM has also ordered third-party validation of the country’s digital public infrastructure to ensure transparency and efficiency. Provinces including Gilgit-Baltistan and Azad Jammu and Kashmir are being integrated into this nationwide push for a unified digital payments ecosystem.
Federal ministers Ahad Khan Cheema, Azam Nazir, Shaza Fatima, Ali Pervaiz Malik, Dr Tauqir Shah, Bilal Azhar Kayani, and senior officials attended the meeting.
