Prime Minister Muhammad Shehbaz Sharif has constituted a committee for Cashless Economy and Digitization of the Economy.
The committee was formed at a high-level meeting regarding promotion of Cashless Economy and Digitization held in Islamabad on Wednesday with Prime Minister Muhammad Shehbaz Sharif in the chair.
The committee will review the measures weekly under the chairmanship of the Prime Minister.
Speaking on the occasion, the Prime Minister said the digitization of the economy is among the foremost priorities of the government's reforms agenda.
The Prime Minister directed that digital payments and digital transfer of funds should be encouraged by taking policy measures.
He mentioned that the government has proposed a number of steps for promotion of cashless economy in the federal budget for next financial year.
Shehbaz Sharif said the government is also taking steps to promote digital transactions for shopping and money transfer in order to discourage the informal economy.
He said the transfer of funds to rightful beneficiaries through digital wallets during the holy month of Ramazan was ensured in a transparent, efficient, and effective manner.
He further said the use of digital wallets ensured that beneficiaries received their rightful assistance without any human interference, encouraging a transparent distribution of aid.
The Prime Minister highlighted that the inflation rate witnessed a decline and the foreign remittances were increased as a result of the improvement in the country's economy.
He said the bullish trend in the stock market is a testament to the confidence of investors in the government policies. He said by the grace of Almighty Allah, the efforts of the government's economic teams are yielding results.
The meeting was informed that traders have been given instructions regarding digital payments and transfers of money through digital means. It was further informed that measures are being taken swiftly to promote cashless economy in the society.
The meeting was also briefed about the initiatives being taken by the Ministries of Finance and Information Technology in this connection.
