SBP Reports 49.7% Surge in IT Freelancer Remittances as Earnings Cross $1.06 Billion Mark
KARACHI/ ISLAMABAD: Pakistani freelancers have made history by earning more than $1 billion in foreign exchange during the first eleven months of the current fiscal year, underscoring their growing contribution to the national economy and strengthening Pakistan’s position in the global freelancing market.
According to data released by the State Bank of Pakistan (SBP), foreign exchange receipts generated by freelancers in the IT and related sectors surpassed the $1.06 billion mark during the period under review, compared to $708 million recorded in the corresponding period of the previous fiscal year, showing 49.7% year-on-year growth.
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Chairman Prime Minister’s Youth Program Rana Mashhud Ahmad Khan said Pakistani freelancers have continued to contribute their outstanding services to the country through their talent, skills, and dedication, which should deserve recognition at the national level.
He mentioned the government has introduced several facilitative measures for freelancers, including exempting transactions of up to $25,000 from detailed reporting requirements, eliminating individual Form R submissions, setting a maximum processing time of one working day for remittances, and allowing freelancers to retain up to 50 percent of their earnings or up to $5,000 per month in foreign currency accounts.
IT Freelancer FX Inflows Hit $1.06 Billion, Show Strong 49.7% Year-On-Year Growth
The chairman further said that the government has launched multiple skill development and training initiatives to equip freelancers and young professionals with in-demand digital skills, enabling them to generate income through global freelancing platforms.
He added that the government is further supporting the freelancing community by establishing e-Rozgaar hubs and co-working spaces in various cities, addressing payment-related challenges through new payment solutions, and introducing AI-focused training programs.
Rana Mashhud said the government considers the freelance community a vital pillar of the economy, particularly due to its role in bringing valuable foreign exchange into the country. Therefore, the government continued to extend FTR regime at 0.25 for the period of next three years for freelancers.
According to estimates, Pakistan is home to nearly three million freelancers, including both full-time and part-time professionals.
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Chairman of the Pakistan Freelancers Association (PAFLA), Ibrahim Amin, said the country’s freelance community has achieved the landmark milestone of generating more than $1 billion in export earnings within a single fiscal year, outperforming several traditional sectors and industries.
He noted that the budgetary decision to retain FTR at 0.25% is a good decision of the government to support the freelancing community because they receive earnings after the deduction of commissions and service charges ranging between 25 and 30 percent.
He demanded the government to review the decision to impose 5% drastic tax on content creators who are also contributing handsomely in bringing foreign exchange, particularly Youtubers with informative and knowledge-based channels.
He urged the government to ensure the availability of high-speed internet and uninterrupted electricity to further enhance the contribution of freelancers to Pakistan’s economy.
According to the SBP, the country also received $533 million through non-IT freelancers during same period, which enhanced the overall contribution of freelancers to $1.6 billion. The non-IT fields contain blogging, online teaching, voicing over and etc
