In a bold move to reshape Pakistan’s financial landscape, Prime Minister Shehbaz Sharif has directed the formation of a high-level working group to spearhead economic digitization. The initiative aims to eliminate the country’s vast informal sector and accelerate national development by integrating technology into all aspects of the economy. The announcement signals a major step toward transparency, accountability, and sustainable growth.
Focus on Formalizing the Economy
The Prime Minister emphasized the urgent need to bring informal economic activities into the mainstream. Pakistan’s informal sector, which accounts for a large portion of economic activity, remains largely undocumented and untaxed. This has long hindered revenue generation and effective policy planning.
By shifting to a fully digitized framework, the government hopes to improve tax compliance, monitor financial transactions, and build a more transparent economic system. The initiative is expected to benefit both businesses and citizens by streamlining services and reducing reliance on cash-based dealings.
Read: Pakistan Considers Tax Relief for Salaried Class, Seeks IMF Nod Before Final Move
Formation of a Dedicated Working Group
To ensure swift progress, the Prime Minister ordered the creation of a specialized working group comprising experts from finance, information technology, and economic policy. This team will be tasked with creating a detailed roadmap for full-scale digitization, including timelines, milestones, and performance indicators.
The working group will coordinate with provincial governments, financial institutions, and tech firms to ensure alignment and consistency. It will also explore digital payment systems, e-governance tools, and data integration across sectors.
Reducing Corruption and Increasing Efficiency
A digitized economy will significantly reduce corruption by limiting human interaction in financial processes. Automated systems will ensure better record-keeping, minimize tax evasion, and improve service delivery. The government sees digital infrastructure as a powerful tool for not just economic growth but institutional reform.
Furthermore, real-time data collection and analysis will allow the state to make more informed policy decisions. It will also simplify regulatory compliance for businesses and make it easier for citizens to access public services through online platforms.
Empowering Citizens and Expanding Inclusion
Digital transformation is also expected to drive financial inclusion. Millions of unbanked individuals will gain access to formal banking and digital payment solutions, especially in rural areas. By empowering citizens with access to digital tools, the government aims to unlock untapped potential in small businesses, freelancers, and startups.
Additionally, linking databases such as NADRA, FBR, and utility companies will improve social welfare targeting and curb identity fraud.
A Modern Economic Vision
The Prime Minister’s directive reflects a modern vision of economic governance that aligns with global best practices. With rising global competition and growing demand for efficient public services, Pakistan’s move toward digitization is timely and essential.
If executed effectively, the digital economy plan could reshape the country’s economic future—making it more robust, inclusive, and globally competitive.
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