Islamabad, June 18, 2025: In a significant move aimed at modernizing Pakistan’s financial infrastructure, Prime Minister Muhammad Shehbaz Sharif on Wednesday constituted a high-level committee to expedite the country’s transition toward a cashless economy and strengthen the pace of digital transformation.
Chaired by the Prime Minister himself, the committee will review progress on digitization and cashless economy initiatives on a weekly basis, signaling the government’s heightened focus on technological and economic reform.
Chairing a high-level meeting in Islamabad, PM Shehbaz emphasized that digitizing the economy is one of the government’s top priorities. He directed the relevant ministries to develop policy frameworks to incentivize digital payments and discourage informal cash-based transactions, particularly in sectors such as retail and services.
“The promotion of a cashless economy is not just an economic goal—it is a national necessity,” the Prime Minister remarked.
The Prime Minister pointed out that the Federal Budget 2025–26 includes targeted initiatives to encourage digital financial practices. These include tax incentives, policy support for fintech startups, and stricter compliance mechanisms to reduce reliance on undocumented transactions.
He also cited the example of the Ramazan relief program, during which funds were disbursed to deserving citizens through digital wallets, ensuring transparent, efficient, and corruption-free aid delivery.
“The use of digital wallets guaranteed that financial assistance reached the right beneficiaries without human interference,” he noted.
Highlighting recent economic improvements, PM Shehbaz said inflation has declined and foreign remittances have increased, which reflect growing confidence in the government’s economic policies. He also pointed to the bullish trend in the Pakistan Stock Exchange, calling it a direct indicator of investor trust.
“By the grace of Allah Almighty, the efforts of our economic team are beginning to bear fruit,” he said.
During the meeting, officials briefed the Prime Minister on digitization initiatives under the Ministries of Finance and Information Technology. The meeting was informed that guidelines had been issued to traders and merchants to adopt digital payment solutions and integrate with national financial platforms.
The newly formed committee is expected to fast-track measures including expanding the digital payments ecosystem, increasing financial inclusion through mobile wallets and banking apps, supporting fintech innovation and strengthening cybersecurity and digital trust frameworks
This initiative is part of a broader effort by the government to formalize the economy, enhance tax compliance, and position Pakistan as a regional leader in digital finance.
