Good news for freelancers in Pakistan
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In a significant announcement, Pakistan's Caretaker Federal Minister for IT and Telecommunications, Dr. Umar Saif, shared positive news for the country's growing freelancing community.
Speaking alongside Caretaker Information Minister Murtaza Solangi, Dr. Saif pointed out a notable challenge faced by Pakistan's 1.5 million freelancers, who represent the world's second-largest online workforce: the absence of adequate financial tools for facilitating payments.
The eagerly anticipated "good news" pertains to the imminent introduction of global payment gateways, PayPal and Stripe, in Pakistan. Dr. Saif acknowledged the challenges and concerns raised by entities like FATF but expressed confidence in the progress made.
He indicated that Pakistanis could expect these new payment methods to become available within the next four to six weeks, with a commitment to extending these services to the freelancing community through innovative approaches.
Dr. Saif emphasized the significance of this development, noting that the lack of proper infrastructure had hindered Pakistan's IT sector, despite the presence of 19,000 companies employing 150,000 individuals and exporting goods worth $2.5 billion.
To further support the IT industry, the government, in collaboration with the Higher Education Commission (HEC), plans to introduce a standardized test for IT graduates. Those who pass the test will be required to undergo apprenticeships in the IT sector, addressing the nation's shortage of skilled IT professionals.
Additionally, the State Bank of Pakistan's recent decision to increase the permissible retention limit for IT exporters from 35 percent to 50 percent in the Exporters' Specialized Foreign Currency Accounts (ESFCAs) aims to facilitate IT exports and encourage additional foreign exchange earnings for the country.
