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'Raast' to help boost formal economy, eradicate country's poverty: PM

'Raast' to help boost formal economy, eradicate country's poverty: PM
January 11, 2021

ISLAMABAD (92 News) - Prime Minister (PM) Imran Khan has said that the 'Raast' initiative will help boost formal economy, financial inclusion of women, and eradicate poverty from the country.

The prime minister said while addressing a launching ceremony of Pakistan's first instant Digital Payment System 'Raast' taking the country from cash to digital economy.  He also 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 per cent of the total tax collection in the country.

The premier said that digital Pakistan is a step forward from cash economy towards the point, where we can take maximum benefit of our 220 million population. He 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.