Islamabad: Prime Minister Shehbaz Sharif has said digitization of country's economy is government's top priority in order to bring transparency to the system. Chairing a weekly meeting on cashless and digital economy in Islamabad, he said digitalizing payment systems between the public and government will increase transparency and ease for users.
According to Radio Pakistan, the Prime Minister directed to accelerate the progress toward a digital economy. He instructed to simplify the processes of digitization and cashless economy for small and medium-sized businesses. He said all state-owned enterprises should be brought into the digital framework.
Shehbaz Sharif further advised to complete the appointments of the Board of Governors and Chairman of RAAST by September this year. He said experts in economics and business will be included to RAAST's Board of Directors.
A detailed briefing was presented during the meeting regarding the implementation of a cashless and digital economy. It was said that an advertisement for the position of CEO of RAAST has already been issued. Officials informed that the number of users of mobile applications and digital banking will be increased from 95 million to 120 million. Similarly, the volume of digital payments is projected to rise from 7.5 billion rupees to 15 billion rupees. A nationwide public awareness campaign on RAAST and digital payments will be launched next month.
The meeting was informed that import duties on digital payment devices have been abolished. To align Pakistan's economy with developed nations, a Digital Payments Index will be introduced within one month. Additionally, the Capital Development Authority Board has approved the right of way for digital public infrastructure in Islamabad.
It was also noted that the remittance system is being digitized, ensuring that all funds sent from abroad will be received through the formal banking system. Collaboration is underway with the governments of all four provinces, Gilgit-Baltistan, and Azad Kashmir to promote digital payments.
The meeting was further briefed that the Islamabad City mobile application has been integrated with the RAAST system. Moreover, the installation of public Wi-Fi and e-libraries at designated locations in the Federal Capital is expected to be completed by the end of this year.
It was told that in line with Prime Minister Shehbaz Sharif's directive, third-party validation of the digital public infrastructure will also be conducted, with preliminary work already in progress.
It was informed that the State Bank of Pakistan has issued necessary instructions to the federal and provincial governments, as well as regulatory institutions, regarding the adoption of QR codes as a key payment method. The number of commercial points utilizing QR codes and other digital payment methods is being increased from 500,000 to two million.
The meeting also highlighted that consultations are ongoing with all federal ministries, divisions, allied departments, regulatory authorities, provincial departments, and district governments. These discussions focus on the strategy to digitize tax and non-tax payments between government institutions and the public, and to integrate them with the RAAST system.
In the first phase, data concerning transactions between the federal and provincial governments has been compiled, and efforts are underway to transition all such payments to fully digital formats. As part of the initial rollout, government employees' salaries, pensions, and procurement payments to contractors will be processed entirely through digital means.