The Special Investment Facilitation Council (SIFC) has played a significant role in creating a conducive environment for the IT and freelancing sectors in Pakistan over the past three years, achieving significant milestones in regulatory reforms and economic facilitation.
It was officially announced today that with the support of the Council, a significant increase was made in the retention limit of funds in special foreign currency accounts of exporters, which has increased from 35% to 50%. The adjustment is aimed at providing greater flexibility to exporters in managing their earnings.
Moreover, easing regulatory constraints on foreign currency accounts, coupled with the introduction of specialised debit cards, has streamlined international transactions. This move is expected to facilitate smoother cross-border payments, thereby supporting freelancers and IT professionals in their international dealings.
The implementation of a novel banking framework tailored for freelancers has made banking services more accessible, simplifying the account-opening process. This reform is designed to cater to the unique needs of freelancers, ensuring they have the necessary financial tools to support their operations.
During the first ten months of the current fiscal year, Pakistani freelancers have generated substantial export earnings, amounting to 959 million dollars. This figure underscores the sector”s growth and the successful impact of SIFC”s initiatives in nurturing a business-friendly atmosphere.