
Owing to the continuously saturating job market, skilled workers from IT and relevant sectors in Pakistan have long been resorting to exporting their skills to international clients and companies through freelancing.
While established freelancers can generate considerable income, it's imperative for them to have a bank account to keep their payments flowing at a healthy pace. Unfortunately, a very shallow percentage of them owns a bank account.
Freelancers' bank accounts in Pakistan
During a meeting of the Prime Minister’s Committee on IT Export Remittances, it was disclosed that only 38,000 of Pakistan’s 2.32 million freelancers have bank accounts in the country.
The startling figure translates into a ratio of 1:60 for freelancers with bank accounts and freelancers without bank accounts.
Convened by Finance Minister Muhammad Aurangzeb, the meeting involved discussions focusing on ways to expand the flow of IT exports, Business Recorder cited a statement released by the Finance Division on Friday.
“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,” said Aurangzeb.
The finance minister highlighted the role the IT sector is playing as an industry brimming with potential, which is crucial for Pakistan’s economic growth.