Pakistan has set a December 31 deadline to transform Islamabad into the country's first fully cashless city, according to a senior official. Government offices will stop accepting cash payments starting December 1. The initiative is part of Prime Minister Shehbaz Sharif's plan to modernize Pakistan's economy, increase financial transparency, and integrate more businesses into the formal tax system.
The move follows broader economic reforms aimed at reducing reliance on cash transactions. Officials are expanding digital payment options across the country. The push for digitization is seen as a key step toward improving economic efficiency and reducing corruption.
Prime Minister Shehbaz Sharif has also announced a long-term goal for Pakistan to become the world's sixth-largest economy by 2050. This target challenges projections by global financial institutions like Goldman Sachs. The government is promoting investment in key sectors, including minerals, to boost local processing and exports.
The economic strategy includes attracting foreign investors through transparent policies and investor protections. These efforts are part of a wider plan to diversify the economy and reduce dependence on traditional industries. The cashless city initiative and economic growth targets reflect a shift toward modernization and global integration.
