The fourth-largest freelancing market in the world, Pakistan, has experienced difficulties in bringing in money from its clients.
According to Express News, Pakistani IT freelancers are in a challenging situation as a result of the country’s potential default, the international community’s diminished credibility, and the fluctuating exchange rate. International payment systems have transaction limits for deposits made by independent contractors in Pakistan.
Only 30% of the total is being sent to Pakistan, according to independent contractors and IT firms there, because it is difficult to send money from IT exports there. The remaining funds are either being used abroad or are being used later.
However, many independent contractors are now looking for employment after being rejected from international projects. Many independent contractors are now choosing to work in Pakistan rather than exporting digital services because of the high service fees and low dollar exchange rates. The growth of remittances through IT freelancing in Pakistan is probably going to be impacted by this process.
It should be noted that Pakistan’s IT contractors exported digital services worth $400 million in 2022 alone, providing the country with foreign currency.