KARACHI: Raast, an instant payment system of Pakistan, will be integrated within next 8 months with Buna, a cross-border payment system of the Arab Monetary Fund (AMF), to facilitate remittances in real-time between Pakistan and the Gulf region, Pakistani central bank chief told Arab News on Friday.
Earlier this month, the AMF and the State Bank of Pakistan (SBP) had signed a memorandum of understanding (MoU) in Abu Dhabi to establish a framework of cooperation between Buna, which is operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO) and supported by all central banks in the region, and Pakistan’s Raast.
“We have targeted to complete the integration (of Raast and Buna) in six to eight months,” Jameel Ahmad, the SBP governor, told Arab News on the sidelines of the 8th Pakistan Banking Awards in Karachi.
The integration of Raast with Buna is aimed at facilitating cross-border remittances between the Gulf region and Pakistan through formal channels. This initiative will benefit individuals as well as businesses not only through instant, safe and cost-effective cross border payments, but also by strengthening economic, financial, and investment ties between the Arab countries and Pakistan.
“The biggest benefit of this integration will be instant transfer of funds from any member country of the Arab Monetary Fund, and secondly at a low cost,” Ahmad said. “These are the two key benefits but there are also other benefits, including security of the funds.”
The integration of payment systems will facilitate Pakistani workers living in the Gulf region, including Saudi Arabia and the United Arab Emirates (UAE) that are one of the major contributors to the remittance inflows to Pakistan. Saudi Arabia and the UAE provided employment to 77 percent of the Pakistani expatriate workers in 2022.
Speaking at the event earlier, the SBP governor said the central bank had made a strategic plan for the next five years, called ‘Vision 2028,’ a commitment to foster price and financial stability. The financial sector is particularly vulnerable to climate change risks through its lending, investment and insurance activities, he noted.
“Similarly, cybersecurity is another emerging challenge that poses a significant threat to financial stability and our effort to achieve sustainable financial inclusion,” Ahmad said.
In recent years, he noted, there had been a sharp increase in the number and sophistication of cyberattacks on financial institutions, and these attacks could result in significant financial losses as well as cause reputational damage and operational distress.
“To address these challenges, we need to work together to strengthen our regulatory framework, enhance our supervisory oversight, and build a culture of financial resilience,” the SBP governor said, adding this would require a concerted effort from the central, the banking sector, and other stakeholders.
About the state of economy, the SBP chief said the current account deficit had come down from 4.8 percent to 0.8 percent of the GDP.
“So again, we are on track to achieve a very manageable current account deficit. Hopefully it will not exceed 1.5 percent of GDP for the current fiscal year as well,” he said.
Raast, Buna systems to be integrated within 8 months to facilitate real-time remittances from Gulf — Pakistani official
https://arab.news/c2jcn
Raast, Buna systems to be integrated within 8 months to facilitate real-time remittances from Gulf — Pakistani official
- Arab Monetary Fund, State Bank of Pakistan this month agreed to establish a framework of cooperation to facilitate fund transfer in real time
- Central bank governor says the financial sector is vulnerable to climate change risks, cybersecurity poses a significant threat to financial stability
US freezes visa processing for 75 countries, media reports Pakistan included
- State Department announces indefinite pause on immigrant visas starting Jan 21
- Move underscores Trump’s hard-line immigration push despite close Pakistan-US ties
ISLAMABAD: The United States will pause immigrant visa processing for applicants from 75 countries starting Jan. 21, the State Department said on Wednesday, with Fox News and other media outlets reporting that Pakistan is among the countries affected by the indefinite suspension.
The move comes as the Trump administration presses ahead with a broad immigration crackdown, with Pakistan included among the affected countries despite strong ongoing diplomatic engagement between Islamabad and Washington on economic cooperation, regional diplomacy and security matters.
Fox News, citing an internal State Department memo, said US embassies had been instructed to refuse immigrant visas under existing law while Washington reassesses screening and vetting procedures. The report said the pause would apply indefinitely and covers countries across Asia, Africa, the Middle East, Europe and Latin America.
“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 of State said in a post on X.
According to Fox News and Pakistan news outlets like Dawn, the list of affected countries includes Pakistan, Afghanistan, Bangladesh, Iran, Iraq, Egypt, Nigeria, Russia, Somalia, Brazil and Thailand, among others.
“The suspension could delay travel, study, and work plans for thousands of Pakistanis who annually seek US visas. Pakistani consulates in the US are expected to provide guidance to affected applicants in the coming days,” Dawn reported.
A State Department spokesman declined comment when Arab News reached out via email to confirm if Pakistan was on the list.
The Department has not publicly released the full list of countries or clarified which visa categories would be affected, nor has it provided a timeline for when processing could resume.
Trump has made immigration enforcement a central pillar of his agenda since returning to office last year, reviving and expanding the use of the “public charge” provision of US immigration law to restrict entry by migrants deemed likely to rely on public benefits.
During his previous term as president, Trump imposed sweeping travel restrictions on several Muslim-majority countries, a policy widely referred to as a “Muslim ban,” which was challenged in US courts before a revised version was upheld by the Supreme Court. That policy was later rescinded under the President Joe Biden administration.
The latest visa freeze marks a renewed hardening of US immigration policy, raising uncertainty for migrants from affected countries as Washington reassesses its screening and vetting procedures.
The freeze on visas comes amid an intensifying crackdown on immigration enforcement by the Trump administration. In Minneapolis last week, a US Immigration and Customs Enforcement (ICE) agent shot and killed 37-year-old Renee Good, a US citizen, during a federal operation, an incident that has drawn nationwide protests and scrutiny of ICE tactics. Family members and local officials have challenged the federal account of the shooting, even as Department of Homeland Security officials defended the agent’s actions. The case has prompted resignations by federal prosecutors and heightened debate over the conduct of immigration enforcement under the current administration.
