Pakistan to announce good news for freelancers soon

WEB DESK: Pakistan In a significant announcement, Caretaker Federal Minister for IT and Telecommunications, Dr Umar Saif, shared optimistic news for Pakistan’s burgeoning freelancing community.

Addressing the media alongside Caretaker Information Minister Murtaza Solangi, Dr Saif highlighted the absence of adequate financial instruments to facilitate payments for the country’s 1.5 million freelancers, making them the second-largest online workforce globally.

The eagerly awaited “good news” pertains to the imminent introduction of global payment gateways, PayPal and Stripe, in Pakistan. Dr Saif acknowledged the challenges, including concerns raised by companies like FATF.

Nevertheless, he expressed confidence in the progress made, indicating that Pakistanis could expect the new payment methods within the next four to six weeks. He assured that these services would be extended to the freelancing community through innovative approaches.

Dr Saif underscored the significance of this development, emphasising that the lack of proper infrastructure had hindered Pakistan’s IT sector despite its 19,000 companies employing 150,000 individuals and exporting goods worth $2.5 billion.

The State Bank of Pakistan’s recent decision to increase the permissible retention limit for IT exporters from 35 per cent to 50 per cent in the Exporters’ Specialised Foreign Currency Accounts (ESFCAs) aimed to facilitate IT exports.

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The move simplifies fund usage, encouraging software, information technology (IT), IT-enabled services (ITeS), and freelance service exporters to enhance earnings and bring additional foreign exchange into the country.

To further boost the IT industry, the government, in collaboration with the Higher Education Commission (HEC), plans to introduce a standardised test for IT graduates. Those passing the test will undergo mandatory apprenticeships in the IT sector, addressing the nation’s shortage of skilled IT professionals.

High-end phones to become available in installments

Additionally, a groundbreaking initiative in partnership with the Pakistan Telecommunication Authority (PTA) will launch a cell phone financing scheme.

This scheme will enable individuals to purchase high-end phones in installments, fostering a market for premium smartphones within the country.

The developments signify Pakistan’s proactive steps to harness its IT potential, facilitate freelancers, and augment IT exports, marking a transformative period for the nation’s digital landscape.

The entire IT community anticipates that these initiatives will fuel substantial growth and establish Pakistan as a formidable player in the global IT arena.