Record-Breaking Budget for IT Sector: Aurangzeb

Finance Minister Muhammad Aurangzeb on Thursday said the federal government has allocated the biggest and record budget for the IT sector. Addressing the post-budget press briefing in Islamabad today, he said the government has earmarked a significant portion of the budget for the development of the IT sector. Current IT exports stand at $3.5 billion, with projections suggesting they could rise to between $5 billion and $7 billion in the near future. To support this growth, measures to improve digital infrastructure have been proposed. Aurangzeb said the government plans to subsidize loans and offer risk guarantees for the IT sector and SMEs. The minister lauded Pakistan’s position as the third largest market for freelancers globally and said the trend was growing for young Pakistanis earning online income. Aurangzeb pointed out that the allocation of funds for SMEs has reached record levels. However, banks need to intensify their efforts in financing SMEs, an area that has not received adequate attention previously. He added that the government, in collaboration with the State Bank of Pakistan (SBP), is actively working to enhance financing options for freelancers and SMEs, with several meetings already held to address these issues.