Finance Minister Muhammad Aurangzeb announced today that the federal government has allocated a historic and unprecedented budget for the IT sector.
Speaking at a post-budget press briefing in Islamabad, Aurangzeb highlighted the significant portion of the budget earmarked for the development of the IT sector. With current IT exports at $3.5 billion and projections indicating a potential increase to between $5 billion and $7 billion, measures to enhance digital infrastructure have been proposed.
To support this growth, the government intends to subsidize loans and provide risk guarantees for the IT sector and SMEs.
Aurangzeb commended Pakistan’s status as the third largest market for freelancers globally, noting the increasing trend of young Pakistanis earning online income.
Furthermore, he emphasized that funds allocated for SMEs have reached record levels, although there is a need for banks to ramp up their efforts in SME financing, an area previously overlooked. Collaborating with the State Bank of Pakistan (SBP), the government is actively working to expand financing options for freelancers and SMEs, with several meetings already held to address these concerns.
