IT Ministry Urges Finance Ministry, SBP to Revive IT Cash Reward Program

The Ministry of Information Technology and Telecommunication has urged the Ministry of Finance and the State Bank of Pakistan (SBP) to secure the necessary funding and devise a robust mechanism for the distribution of IT cash rewards. The IT ministry has written letters to both the Ministry of Finance and the central bank to revive the IT cash reward program that has been on hold since 2021 due to budgetary constraints. With the Ministry of Finance pledging to release the requisite funds and the central bank tasked with compiling a list of top IT services export companies, the stage is set for approximately 400 to 500 deserving companies to be recognized and rewarded for their exceptional contributions. This decision coincides with a notable 17 percent increase in IT exports recorded in December 2023, underscoring the sector’s resilience and potential for driving economic growth. This initiative also promises to incentivize further growth and innovation within the IT sector.