Explanation

The Honorable Prime Minister of Pakistan, Mr. Imran Khan, launched the completion of the first phase of Pakistan’s Instant Payment System, Raast, in a ceremony held in Islamabad today and hosted by the State Bank of Pakistan (SBP). Raast is an initiative of SBP under which it has developed Pakistan’s first instant paymentsystem in collaboration with Bill & Melinda Gates Foundation and Karandaaz, Pakistan. Raast is an accomplishment of one of the milestones of SBP’s broader strategic agenda of digitalization and increasing financial inclusion in the country. Speaking at the occasion, the Prime Minister congratulated SBP and termed the launch of Raast as an important step towards fulfilling the Government’s vision and commitment to effectively promote and encourage digitalization of the economy. Raast will provide digital, easy-to-use, efficient and costeffective payment options to people of Pakistan and expected to be a catalyst for providing sustainable opportunities to small businesses and individuals