Committee formed to promote cashless economy, digitization

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Wednesday established a high-level committee to promote cashless economy and speed up the digitization.

The committee, chaired by the prime minister himself, will review the progress and initiatives related to the promotion of digitization and cashless economy on a weekly basis.

Chairing a meeting in this regard, the prime minister emphasized that digitization of the economy was among the government’s top reform priorities.

The prime minister directed to encourage the digital money transfers and digital payments through policy initiatives.

He pointed out that in the federal budget 2025-26, the government had proposed a number of initiatives for the promotion of cashless economy.

He told that the government was also taking steps to discourage the informal economy and to promote digital transactions for shopping and money transfers.

“During the holy month of Ramazan, the transfer of funds to rightful beneficiaries through digital wallets was ensured in a transparent, efficient, and effective manner,” the prime minister said.

He added that the use of digital wallets ensured that beneficiaries received their rightful assistance without any human interference, allowing for a transparent distribution of aid.

The prime minister highlighted that the inflation rate reduced and the foreign remittances increased due to improvement in the country’s economy.

“Bullish trend in the stock market reflects the investors’ trust over the government policies,” the prime minister said adding that by the grace of Allah Almighty, the government’s economic teams’ efforts were yielding fruits.

During the briefing, the meeting was informed that the traders were given instructions regarding digital payments and transfers of money through digital means.