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“Landmark Breakthrough: Pakistan Gears Up for PayPal Channelization of Remittances, Boosting Tech Economy”
In a monumental announcement, Caretaker Federal Minister for Information Technology and Telecommunication, Dr. Umar Saif, shared a groundbreaking development that fulfills a long-standing demand of freelancers and positions Pakistan as a burgeoning ‘Tech Destination.’ The government has successfully resolved the issue, enabling freelancers to channel remittances through the international gateway – PayPal.
Dr. Umar Saif, while addressing journalists, disclosed that several digital initiatives are on the horizon, with a prominent highlight being the facilitation of remittances through PayPal. This move is poised to transform Pakistan’s tech landscape, opening new avenues for economic growth.
Contrary to previous expectations, PayPal is not directly entering the Pakistani market; however, an agreement has been reached to channelize remittances through a third party. The formal launch ceremony is scheduled for January 11, marking a historic moment for Pakistan’s digital economy.
The minister emphasized that the absence of a financial instrument to facilitate payments has been a longstanding challenge for freelancers. With this breakthrough, freelancers and businesses alike can now seamlessly conduct transactions through PayPal, thereby empowering the digital workforce and fostering a more vibrant tech ecosystem.
Highlighting the government’s commitment to bolstering the IT and telecom sector, Dr. Umar Saif revealed that the sector’s official export, currently standing at $2.6 billion, is expected to see a significant surge. He pointed out that the actual figure is around $5 billion, as the industry often parks a substantial portion of its revenue outside the country for various international expenses.
To support this growth, the government collaborated with the SIFC and the State Bank, implementing a policy intervention allowing IT companies to retain 50 percent of their export revenue in dollars within Pakistan. This initiative empowers companies to handle international expenses without restrictions, including salaries for international employees, monthly expenses for cloud hosting, and marketing on platforms such as Google, Amazon, LinkedIn, and more.
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The minister highlighted the positive impact of this policy, noting a substantial 13 percent jump in export revenue in just one month. As Pakistan eagerly anticipates the formal launch of PayPal channelization on January 11, the nation is poised for a transformative era in its tech and economic landscape.
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