PM launches country’s first instant Digital Payment System ‘Raast’

Prime Minister Imran Khan has launched Pakistan’s first instant Digital Payment System ‘Raast’ taking the country from cash to digital economy.

Addressing the launching ceremony in Islamabad today (Monday), he said the ‘Raast’ initiative will help boost formal economy, financial inclusion of women, and eradicate poverty from the country.

The Prime Minister said cash economy is the biggest hurdle in tapping true potential of 220 million population of Pakistan. He said cash economy badly affect tax collection, which is evident with the fact that only two million out of 220 million people are tax filers, while 30,000 of taxpayers make 70 percent of the total tax collection in the country. He said digital Pakistan is a step forward from cash economy towards the point, where we can take maximum benefit of our 220 million population.

The Prime Minister also congratulated State Bank of Pakistan for working on this initiative of ‘Raast’ and bank efforts for engaging overseas Pakistanis in convincing them to send remittances through formal channels. He said foreign remittances have significantly improved as a result of these efforts. He said our Current Account Deficit has become surplus, which has reduced pressure on the rupee.