Yesterday, Prime Minister Imran Khan launched the first instant digital payment system in Pakistan called “Raast”. The aim of the Raast is to boost the country’s formal economy, said Imran Khan.
While addressing the launch ceremony in Islamabad, he noted that the new system is a “big step” towards realizing Pakistan’s full potential. He said that the cash economy of the country was a big obstacle in tax collection.
PM Launches First Instant Digital Payment System
The Prime Minister said that “The biggest loss [because of] the cash economy is [to] our tax collection. Pakistan is among the lowest tax collectors in the world.” Only two million are taxpayers out of a population of 220m.
While he was explaining how the low tax collection is affecting the economy of Pakistan, he said “we cannot build our infrastructure. We cannot do human development. We cannot educate children or improve hospitals. A country which 50 years back was advancing the fastest in the region, cannot [develop] because we do not have enough money [for it].”
According to PM, the digital payment system would “slowly take people away from the cash economy.” Which will definitely take them near to the point where the large population of the county will be benefited. The system will help the country to shift towards the vision of ‘Digital Pakistan’ as well as it will also lead to the inclusion of people from the weaker segment.
“Our effort is that we bring financial inclusion to women, give them opportunities, open bank accounts for them, help them, give them livestock so they can themselves [improve] their standard of living and it becomes a source of livelihood for them. The Raast programme will help with this,” he further added.
Recommended Reading: PM will Soon Launch First Instant Payments System