Minister for Finance, Asad Umar chaired a high-level meeting at the Prime Minister’s Office to address major issues and challenges being faced by the information technology and digital payments domain in the country.
The Finance Minister directed that a team of stakeholders from Ministry of IT & Telecom and State Bank of Pakistan may establish contact with PayPal with the due engagement of Pakistani Ambassador to the US and renowned Pakistani expatriates working in Silicon Valley.
Moreover, it is also decided to strengthen the IT sector to create employment opportunities for the youth as per the government policy.
The meeting was attended by Minister for IT & Telecom Dr. Khalid Maqbool Siddiqui, Law Minister Dr. Mohammad Farogh Naseem, Secretary (Finance), Secretary (IT), Secretary (Cabinet), Secretary (Privatization), Representative of State Bank of Pakistan and technical experts from Ministry of IT & Telecom.
The Finance Minister also directed SBP to review requirements about Payment System Operators (PSOs) and Payment Service Providers (PSPs) specifically related to the threshold for minimum initial investment requirements to encourage new entrants like Paypal and others.
The government has also decided to expedite the work on Unified Payment Interface & National Payment Gateway already underway in collaboration with the Private sector.
To improve official reporting of IT exports revenues, Asad Umar further directed State Bank of Pakistan to review the mechanism in place for 30% retention of foreign currency and suggest further facilitative measures in this regard including repatriation of the export remittances for offshore business needs of the IT industry.