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
US freezes immigrant visa processing for 75 countries, including Pakistan
- Immigrant visas to be suspended from Jan 21, tourist visas unaffected
- Move targets “public charge” concerns as Trump revives hard-line immigration rules
ISLAMABA: The United States will pause immigrant visa issuances for nationals of 75 countries, including Pakistan, from January 21, the State Department said on Thursday, as President Donald Trump presses ahead with a hard-line immigration agenda centered on financial self-sufficiency.
In an update published on its website, the State Department said it was conducting a comprehensive review of immigration policies to ensure that migrants from what it described as “high-risk” countries do not rely on public welfare in the United States or become a “public charge.”
“The State Department will pause immigrant visa processing from 75 countries whose migrants take welfare from the American people at unacceptable rates. The freeze will remain active until the US can ensure that new immigrants will not extract wealth from the American people,” the department said.
The pause applies specifically to immigrant visas, which are issued to people seeking permanent residence in the United States. The department said applicants from affected countries may still submit applications and attend interviews, but no immigrant visas will be issued during the suspension.
According to the State Department, the affected countries include Pakistan, Afghanistan, Bangladesh, Iran, Iraq, Egypt, Nigeria, Russia, Somalia, Brazil, Thailand and dozens of others across Asia, Africa, the Middle East, Europe and Latin America.
The department said tourist and other non-immigrant visas are not affected, and that no previously issued immigrant visas have been revoked. Dual nationals applying with a valid passport from a country not on the list are exempt from the pause.
The State Department did not indicate how long the visa pause would remain in effect, saying it would continue until its review of screening and vetting procedures is completed.
The announcement underscores the breadth of the Trump administration’s renewed immigration crackdown. Since returning to office last year, Trump has revived and expanded enforcement of the “public charge” provision of US immigration law, which allows authorities to deny entry to applicants deemed likely to rely on public benefits.
During his previous term, Trump imposed sweeping travel restrictions on several Muslim-majority countries, a policy widely referred to as a “Muslim ban,” which was challenged in courts before a revised version was upheld by the Supreme Court and later rescinded under former president Joe Biden.
The visa freeze also comes amid an intensifying domestic enforcement push. US Immigration and Customs Enforcement (ICE) has expanded operations nationwide, drawing scrutiny over its tactics. Last week, an ICE agent shot and killed Renee Good, a US citizen, during a federal operation in Minneapolis, sparking protests and renewed debate over immigration enforcement under the Trump administration.
