Pakistan Pushes for Cashless Economy: High Level Committee formed

Prime Minister Muhammad Shehbaz Sharif has formed a high-level committee to accelerate Pakistan’s transition to a cashless and digitalized economy. The committee, personally chaired by the Prime Minister, will meet weekly to monitor progress and initiatives aimed at promoting digital transactions and financial inclusion.

During a recent meeting, Prime Minister Sharif underscored that digitization of the economy is a top reform priority for his government. He directed officials to implement policy initiatives that encourage digital money transfers and payments. He also highlighted that the recently proposed federal budget for 2025-26 includes several measures specifically designed to promote a cashless economy.

The government is actively working to curb the informal economy and boost digital transactions for everything from shopping to money transfers. As an example of successful implementation, the Prime Minister noted that during the holy month of Ramadan, funds were disbursed to beneficiaries through digital wallets. It ensured a transparent and effective distribution of aid without human interference.

Prime Minister Sharif also pointed to positive economic indicators, including a reduction in the inflation rate and an increase in foreign remittances. He asserted that the “bullish trend in the stock market reflects the investors’ trust in the government policies,” attributing these successes to the government’s economic teams.

During the briefing, attendees were informed that traders have received instructions regarding digital payment methods and money transfers. The meeting also included updates on initiatives from the Ministries of Finance and Information Technology, indicating a coordinated effort across government sectors.