HomeNewsDuring the Dollar Crisis, Freelancers Have Saved $3 to $4 Billion Abroad,...

During the Dollar Crisis, Freelancers Have Saved $3 to $4 Billion Abroad, According to Shaukat Tareen.

During the dollar crisis, Freelancers saved $3 to $4 Billion abroad; Shaukat Tarin, who had previously served as Pakistan’s Minister of Finance and is currently a member of the Senate, provided his thoughts regarding freelance workers. The former finance minister also mentioned that information technology exports have the potential to reach $50 billion within the next five years.

During a meeting of the senate standing committee of commerce, a former finance minister and current member of the Senate named “Shaukat Tareen” claimed that freelancers in Pakistan have saved up somewhere between $3 to $4 billion despite the dollar crisis and the Pakistani rupee’s drastic fall against the dollar and many other countries that are considered to be world leaders.

Pakistan, ranked number four on the list of countries with the most freelancers, is home to many skilled independent contractors. In the context of a currency that is declining in value and an economy that is performing poorly, the potential earnings from freelancing are significantly higher than those from an average job.

Because most freelancing platforms now pay in dollars, many freelancers choose to keep their earnings in accounts at banks and PayPal services outside the country rather than bringing the money inside. It’s logical since the dollar has only been going up, but it’s further damaging the economy.

Additionally, Tareen went after the e-commerce industry, claiming that those who work in it have their money stashed away in banks located in other countries. After he had finished his statement, Tareen proceeded to criticize the current government for these deficiencies in its policies.

According to the former minister of finance, this administration abandoned all efforts to promote freelancing and online commerce that the previous administration had undertaken. All income from freelancing is subject to taxation under the current government, which further discourages individuals from contributing their earnings to the economy.

Regarding online commerce, Pakistan is ranked 37th worldwide, while the country’s freelancing industry is ranked fourth. Both industries have brought in money for the nation and should get more support because of this. After his talk, Tareen requested the FBR and the State Bank, asking them to investigate the situation.

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