ISLAMABAD: Pakistan’s central bank chief signed a Memorandum of Understanding (MoU) with the Arab Monetary Fund (AMF) in Abu Dhabi on Friday to create a cooperative framework for an instant cross-border payment system, enhancing the swift flow of remittances.
The initiative is pivotal as a considerable number of Pakistanis, employed in varied sectors like construction, services, health care, and IT in the Middle East, send significant amounts of money that are a cornerstone of Pakistan’s economy.
Established in 1976, the AMF is an organization with key members such as Saudi Arabia and the UAE, and is committed to advancing financial cooperation and market development in the Arab region.
The MoU paves the way for integrating Pakistan’s Raast instant payment system with the Buna platform of the Arab Regional Payments Clearing and Settlement Organization (ARPCSO).
“This strategic collaboration with Raast underscores Buna’s commitment to continue connecting different regions together and reinforcing economic, financial, and investment ties between the Arab region and its main global partners,” Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of the AMF and Chairman of the Board of ARPCSO, said.
“This resonates with the shared vision of innovating cross-border payment solutions to offer safe and efficient cross-border instant payments access for individuals and corporates,” he continued.
Al Hamidy informed his organization aimed to increase cross-border remittances by reducing costs and processing times, adding this also confirmed the global character of the Buna platform.
The SBP governor described the MoU as a “significant strategic achievement,” hoping it would open the door to closer connection between Pakistan and the Arab region.
“This collaboration between SBP and AMF is in line with our vision to leverage cross border integrations to complement the objective of building an innovative Digital Financial Services ecosystem,” he said.
“The integration of the two payment systems will increase remittances to Pakistan through formal channels, with enhanced speed, safety, and savings in these cross-border transactions,” he added. “With over 5 million Pakistanis residing in the Arab region and around 55 percent of Pakistan’s total remittances received from Arab countries, SBP is committed to completing the necessary work and operationalize the connectivity between Raast and Buna in the shortest possible time.”
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
https://arab.news/jafpn
Arab Monetary Fund, State Bank of Pakistan sign MoU in Abu Dhabi to facilitate remittances
- Pakistan central bank chief says the initiative will increase remittances to the country through formal channels
- Over five million Pakistanis reside in the Arab region and contribute nearly 55 percent of the total remittances
Saudi defense delegation visits Pakistan’s foreign office for diplomatic briefing
- Delegation briefed on Pakistan’s foreign policy priorities and bilateral ties with Saudi Arabia
- Visit reflects close defense cooperation, including a bilateral security pact signed last year
ISLAMABAD: A Saudi defense delegation visited Pakistan’s foreign ministry on Friday to learn about Islamabad’s diplomatic priorities and engagements as the two countries strengthen security collaboration and consult more closely on regional and international issues.
The visit comes amid sustained high-level engagement between Islamabad and Riyadh, with regular contacts spanning defense, diplomacy and economic cooperation.
A 15-member delegation from the King Abdullah Bin Abdulaziz Command and Staff College met officials at the Ministry of Foreign Affairs, said an official statement.
“The visit of the delegation to Pakistan is a manifestation of excellent defense and security relations between the two countries,” the foreign ministry said.
It added that officials briefed the delegation on Pakistan’s foreign policy issues and bilateral relations with Saudi Arabia, followed by an interactive session.
The head of the delegation thanked Pakistani authorities for facilitating the visit, the statement said.
Pakistan and Saudi Arabia maintain close defense and security cooperation, including training exchanges and joint exercises.
In September last year, the two countries signed a bilateral security agreement under which aggression against one would be treated as a threat to the other.
While Saudi diplomats are regular visitors to the Pakistani foreign ministry, such visits by defense delegations are rare, reflecting that the two sides seek to understand each other’s defense and diplomatic perspectives more closely.
