On Wednesday, Dr. Umar Saif, caretaker Federal Minister for IT and Telecommunications, said Pakistan will receive “good news” on PayPal and Stripe in the coming weeks.
Dr. Saif, speaking to the media with Caretaker Information Minister Murtaza Solangi, stated there is no financial instrument for the country’s growing freelance community.
“These companies worry about FATF. Still, advancements are being made. I expect excellent news about PayPal and Stripe in four to six weeks, and we will offer these services to our freelancing community in any way, he stated.
Dr. Saif said 1.5 million Pakistanis are IT freelancers. “We are the second-largest online workforce,” he declared.
The infrastructure gap is holding us back. The minister stated that the E-Rozgar program will provide interest-free financing to the private sector to create 500,000 co-working spaces. The temporary minister stated the country’s IT sector has 19,000 enterprises, employs 150,000, and exports $2.5 billion.
IT MInister Dr. Saif
Dr. Saif added that many IT companies maintain their forex reserves and income abroad due to US dollar repatriation constraints.
“A conservative estimate puts Pakistan’s IT exports at $4–4.5 billion, but US-dollar spending restrictions prevent this,” he said.
Read More: SadaPay allows Pakistani freelancers to use Apple and G Pay.
“The IT ministry and PASHA helped the authorities retain 50% of their revenue in US dollars. Banks would give these corporations corporate debit cards for overseas payments, he said.
The State Bank of Pakistan (SBP) upped IT exporters’ retention limit from 35% to 50% of export earnings in exporters’ specialized foreign currency accounts days ago to help them export more IT and IT-enabled services.
Retained Funds By IT Minister
SBP lets IT exporters pay without SBP or bank clearance, facilitating ESFCA balance use. To enhance export revenues and foreign exchange, the IT industry proposed this action to promote software, IT, ITeS, and freelance service exporters.
“Amid this decision, we believe that a number of IT companies that were forced to keep their reserves outside will bring their liquidity into Pakistan, and our IT exports will reach $3.5–4 billion,” according to Dr. Saif.
The interim minister emphasized that Pakistan lacks competent workers despite rising IT demand.
“We are working with the Higher Education Commission (HEC) to administer a standardized IT graduate test. “Those who pass will receive a mandatory IT apprenticeship,” he stated.
Dr. Saif said the National Computing and Education Accreditation Council would examine all universities. The first test will be in December, he said. Saif said, “We will also train some 16,000 people in different software services this year. “This will enhance the bench strength of local IT companies,” he said.
After attending GITEX in the UAE, the interim minister stated that Pakistani IT companies have great potential. The interim minister said the government should encourage startup investments.
In a few weeks, we will launch the Pakistan Startup Fund to help global venture capitalists invest in Pakistani enterprises. In the coming years, Pakistan will see billion-dollar startups, he added.
Dr. Saif claimed 5G spectrum auctions had begun.
In conjunction with the Pakistan Telecommunication Authority (PTA), we are establishing a cell phone financing system to let individuals buy high-end phones in installments.
“This measure will establish a market for high-end phones in the country,” he said.
Dr. Saif stated that the government is enhancing cybersecurity and preventing online data theft. He continued, “A cyber-security authority will be announced within the next few months.”
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