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
Pakistan PM expresses solidarity with Morrocco as building collapse kills 22
- Two adjacent four-story buildings, housing eight families, collapsed in Morocco’s Fez city on Wednesday
- Such building collapses are not uncommon in Moroccan cities that are undergoing rapid population growth
ISLAMABAD: Prime Minister Shehbaz Sharif expressed solidarity with Morocco and prayed for rescue efforts on Thursday as 22 people were reported dead after two buildings collapsed in the country’s Fez city.
Morocco’s state news agency, MAP, reported on Wednesday that two adjacent four-story buildings, which housed eight families, collapsed overnight in Fez. Sixteen people were injured and taken to the hospital as authorities said the neighborhood had been evacuated, and search and rescue efforts were ongoing.
Moroccan authorities said they had opened an investigation into the incident, while MAP reported that the structures were built in 2006 during an initiative called “City Without Slums.”
“My heartfelt condolences to the bereaved families and prayers for the swift recovery of the wounded,” Sharif wrote on social media platform X. “We stand in solidarity with the Government and people of Morocco in this hour of grief, and pray for the success of the ongoing rescue efforts.”
https://x.com/CMShehbaz/status/1998940192879911417
Such building collapses are not uncommon in Moroccan cities undergoing rapid population growth. A collapse in May in Fez killed 10 people and injured seven in a building that had been slated for evacuation, according to Moroccan outlet Le360.
Building codes are often not enforced in Morocco, especially in ancient cities where aging, multifamily homes of cinderblock are common.
Infrastructure inequality was a focus of protests that swept the country earlier this year, with demonstrators criticizing the government for investing in new stadiums instead of addressing inequality in health care, education and other public services.
With additional input from AP
