A delegation of a United States financial company has shown interest in Pakistan’s secure and transparent digital payments system.
According to details surfaced on Wednesday, Prime Minister Shehbaz Sharif met a delegation of World Liberty Financial in Islamabad. During the meeting, Pakistan and the US company signed a memorandum of understanding on digital payments. Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir was also present.
Speaking to global investors, the prime minister said Pakistan is emerging as a centre for global digital finance. He said digital payments and financial innovation are essential for economic growth. The meeting agreed on cooperation in cross-border digital payments and the foreign exchange system.
Federal Finance Minister Muhammad Aurangzeb and the World Liberty Financial chief executive officer signed the memorandum of understanding for digital payments.
Also Read: FinMin reiterates population control vital to make Pakistan $3tr economy
Separately, earlier today, FinMin Aurangzeb said that controlling the population will be vital to make Pakistan a $3 trillion economy by 2047, as sustainable development is not possible with an annual population growth of 2.55 percent.
Addressing the Pakistan Policy Dialogue, the finance minister said that although the trade deficit has increased, the current account deficit remains within the set target. "The performance of large industries was positive in the first quarter of the current financial year, while credit to the private sector has risen to Rs1.1 trillion," he maintained.
He said: "Remittances reached $38 billion last financial year and are expected to exceed $41 billion this year. The government is also planning to issue Panda Bonds in the Chinese market."
