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PM Imran launches Pakistan’s first instant digital payment system ‘Raast’

ISLAMABAD: Prime Minister Imran Khan on Monday launched the country’s first instant Digital Payment System ‘Raast’ in Islamabad, ARY News reported.

Raast is part of Prime Minister Imran Khan’s Digital Pakistan vision aimed to include poor segments of the society in the formal economy.

While addressing the ceremony, the prime minister congratulated the State Bank of Pakistan (SBP) for introducing the program for the poor segments of the society.

“We are trying to alleviate poverty through Ehsaas Program and the launch of ‘Raast’ program will help in ending the poverty in the country,” added Imran Khan.

He said the program would help give a boost to the Ehsaas program; particularly its mobile wallet and extend its reach to the women in the rural areas.

He regretted that Pakistan was among the countries in the world which generates very low-income tax. “Only 2 million people pay tax out of the country’s 220 million population.

He said Pakistan’s foreign remittances have been constantly on the rise for the past five months and has helped stabilize the Pakistan Rupee. He said that after a gap of 17 years Pakistan’s current account has gone into surplus and, lowered pressure on Pakistan Rupee and played a key role in strengthening the national economy.

Any pressure on the dollar raises the cost of commodities – like edible oil, ghee, pulses etc imported for the common man, he said.

“With an increase in revenue collection, the government would create extra space for the government in spending on the human development – education, health, clean drinking water,” said PM.

The prime minister hoped a move towards  Digital Pakistan would help put Pakistan back on track’

What is Raast Program?

Raast is part of Prime Minister Imran Khan Digital Pakistan’s vision to include poor segments of the society in the formal economy.

Pakistan’s Faster Payment System, Raast, would be used not only to settle small-value retail payments in real-time but also to provide cheap and universal access to all players in the financial industry including banks and fintechs.

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