Pakistan is home to over 2.3 million freelancers out of which just 38,000 have bank accounts.
This was revealed during a meeting of the Prime Minister’s Committee on IT Export Remittances at the Finance Division today to explore ways to boost the flow of IT export remittances, which are crucial for Pakistan’s economic growth and digital economy.
Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired the meeting.
It was noted that Pakistan is home to 2.32 million freelancers – contributing 15% of IT exports – yet only 38,000 hold bank accounts. While 500 new accounts are being opened weekly, as per SBP data, retaining these account holders and encouraging others to follow the course is of crucial importance. The Governor SBP updated the committee on measures that have been taken to address these challenges, including streamlining account opening procedures, and awareness campaigns, improving complaint resolution mechanisms, and prioritizing the IT sector in banking frameworks.
To ensure data-driven discussion and effective policymaking, it was decided to form a working group comprising representatives from FBR, SBP, the IT Ministry, P@SHA, and the Freelancers Association. The group will focus on harmonizing data, identifying significant issues, simplifying processes, enhancing transparency, and ensuring continuity of progress made by SBP and other stakeholders.
The Finance Minister underscored the IT sector’s critical role as a rapidly growing industry contributing to Pakistan’s economic growth. “The IT sector has the potential to be a cornerstone of foreign exchange generation through export remittances. A collaborative approach, consistent policies, and targeted reforms are essential to unleash its full potential and repatriation of foreign earnings,” he stated.
The meeting highlighted the sector’s opportunities and challenges, focusing on improving the ease of capital movement to boost IT export remittances. Participants noted that while IT exports are steadily increasing, a substantial portion of revenue remains unremitted.
The Finance Minister reaffirmed the government’s commitment to fostering the IT sector as a vital contributor to the economy. He urged all stakeholders to work collectively to overcome challenges, promote IT exports, and establish Pakistan as a competitive player in the global IT industry.
The meeting was attended by the Minister of State for IT & Telecom Ms. Shaza Fatima Khawaja; Advisor to the Finance Minister Khurram Schehzad; Chairman FBR; Governor SBP; CEO of Pakistan Software Export Board (PSEB); Secretary and Special Secretary IT & Telecom; Member IT & Telecom; and senior officials from the Finance Division.
