Freelancers Have Saved $3-4 Billion Abroad Amidst the Dollar Crisis; says Shaukat Tareen

Former Finance Minister and Member of the Senate of Pakistan, Shaukat Tarin made a statement about freelancers in a meeting of the Senate Standing Committee on Commerce. The ex-finance minister also mentioned that IT exports can be pushed to $50 billion in the next five years

Talking in a meeting of the senate standing committee of commerce, former finance minister and member senate ‘Shaukat Tareen’ claimed that freelancers in Pakistan have saved up somewhere around $3 to $4 billion amidst the dollar crisis and the Pakistani rupees drastic fall against the dollar and many other world-leading countries.

Coming at number 4 in the list of countries with most freelancers, Pakistan houses a whole lot of talented freelancers. With a depreciating currency and a low performing economy, freelance income offers much more than an average job.

With most freelancing platforms offering to pay in dollars, a lot of freelancers save their incomes in foreign banks and PayPal accounts instead of bringing the dollars into the country. It’s only logical since the dollar has only been going up, but it’s further damaging to the economy.

Tareen also targeted e-commerce and said that people working in this sector have their dollars parked into foreign banks. Upon completing his statement, Tareen went on to criticize the current government for these shortcomings.

The ex-finance minister said that this government withdrew all e-commerce and freelance promoting initiatives taken by the former government. All freelance income under the current government is taxed, this further discourages freelancers to bring dollars into the economy.

Pakistan ranks 37th in the world in the e-commerce sector and 4th in the freelancing sector. Having earned dollars for the country both these sectors should be highly promoted. Tareen at the end of his speech requested FBR and the State Bank to look into the matter.