Islamabad: The Government of Pakistan has set an ambitious target to increase IT revenues to $15 billion in the next five years. The IT sector, identified as a priority area by the IMF, has seen significant efforts towards its promotion by the IMF team.
To achieve this goal, the State Bank of Pakistan has facilitated ‘Foreign Exchange Manual’ amendments to enhance international presence of IT companies. These amendments include raising the cap on interest rates for IT exporters from 35% to 50%.
As part of these measures, local IT firms are now permitted to establish more than one foreign office to expand the IT sector internationally.
The government, in collaboration with the IMF, has seen IT revenues rise from 4% to 8% during 2019-2024, a development hailed as pivotal for the sector’s growth and boosting the country’s revenues.
Thanks to the IMF’s facilitative efforts, the State Bank’s new regulations will create a conducive environment for global expansion and further development of the IT sector, promising a prosperous future ahead.
Pakistan Aims to Increase IT Revenues to $15 Billion in Next 5 Years
