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ISLAMABAD: Speaking at the World Economic Forum (WEF) meeting, the Federal Finance Minister Muhammad Aurangzeb said that Pakistan is considering moving towards digital currency.
During the special WEF session in Saudi Arabia, the Finance Minister described the undocumented economy as the biggest challenge. He stated that half of the economy is undocumented and that ten trillion rupees are in market circulation.
The finance czar said that poor women in Pakistan are given assistance money by the government, while the common complaint of women is that the men in their houses take away the cash from them. Beneficiary women want to get the cash by digital wallet.
READ MORE: Pakistan govt starts preparation for ‘Digital Rights Protection Bill’
During the special session, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said that Pakistan and Egypt are still facing economic difficulties after the COVID-19 pandemic. She said some countries are doing well, but others are “falling behind,” without further clarification.
He said that due to the COVID-19 pandemic, the world economy suffered a loss of $3.3 trillion and the least developed countries had to bear the biggest loss.
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