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ISLAMABAD: Pakistan will introduce the next generation of the Raast-supported digital public infrastructure (DPI) project, reducing reliance on cash and driving financial inclusion in the country, with the help of the Bill and Melinda Gates (BMG) Foundation.<\/p>\n In this regard, the finance ministry signed a memorandum of understanding (MoU) with the BMG Foundation in Marrakesh on Friday on the sidelines of the annual meetings of the World Bank and IMF.<\/p>\n Before the signing of the MoU, Mark Suzman, CEO of the Global Growth and Opportunity Division at the Bill & Melinda Gates (BMG) Foundation, met with Dr Shamshad Akhtar, Minister for Finance, Revenue and Economic Affairs, to discuss the Pakistan Digital Stack, the next generation of the Raast-supported DPI that Pak\u00adis\u00adtan plans to introduce with the assistance of the BMG Foundation.<\/p>\n The MoU solidifies the foundation\u2019s continued support for this digital infrastructure project, following the success of the Raast, Pakistan instant payment system, the ministry of finance said in a press release on Saturday.<\/p>\n BMG Foundation signs MoU to support digital infrastructure project<\/p>\n<\/blockquote>\n The National Financial Inclusion Council, chaired by the finance minister, will oversee the implementation of the Digital Pakistan Stack, marking a significant step towards fostering inclusive economic growth and development in Pakistan.<\/p>\n The Raast project aims to improve payment infrastructure with the objectives of further developing digital financial services, reducing reliance on cash, and driving financial inclusion in Pakistan.<\/p>\n Raast will become a core component of Pakistan\u2019s payment infrastructure, enabling individuals, businesses and government entities to make any payment digitally in a simple, fast, low-cost and secure manner.<\/p>\n Pakistan\u2019s faster, state-of-the-art payment system will be used to settle small-value retail payments in real-time while providing affordable and universal access to all players in the financial industry, including commercial banks, microfinance banks, government entities, and fintechs.<\/p>\n Global tax policy reforms<\/strong><\/p>\n Meanwhile, during a roundtable discussion on Global Tax Policy Reforms and G-24\u2019s options, Dr Akhtar expressed a strong commitment to fostering international cooperation and innovative tax policy solutions to enhance the country\u2019s revenue base.<\/p>\n The event served as a platform for a meaningful dialogue on pressing global economic issues and exploring dynamic tax reform options within the G-24 community.<\/p>\n Customising IMF programme<\/strong><\/p>\n Meanwhile, Dr Akhtar emphasised the importance of tailoring IMF programmes according to the unique economic contexts of partner countries during an event with the theme \u201cMaking IMF-supported programmes work\u201d at the annual meetings of the World Bank and IMF in Marrakesh.<\/p>\n Dr Akhtar shared her insights and perspectives on ensuring effective collaboration between governments and international financial institutions, drawing upon her extensive experience in financial matters and leadership in economic affairs.<\/p>\n Climate change<\/strong><\/p>\n In another event, Dr Akhtar emphasised Pakistan\u2019s commitment to addressing climate change challenges through comprehensive strategies and initiatives during a seminar titled \u201cTransforming Climate Action through Country Climate Development Reports\u201d.<\/p>\n The session also included representatives from Tajikistan and Malawi, according to a press release from the Ministry of Finance.<\/p>\n In the discussions, she expressed the firm resolve of the government to address climate change challenges through comprehensive strategies and initiatives.<\/p>\n The diverse panel of experts brought valuable perspectives and experiences to the table, facilitating a rich exchange of ideas and best practices for fostering international cooperation and knowledge-sharing in the global fight against climate change.<\/p>\n Published in Dawn, October 15th, 2023<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar meets Mark Suzman, CEO of the Global Growth and Opportunity Division at the Bill & Melinda Gates Foundation, in Marrakesh.\u2014APP ISLAMABAD: Pakistan will introduce the next generation of the Raast-supported digital public infrastructure (DPI) project, reducing reliance on cash and driving financial inclusion in the 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