Amid economic crisis, Pakistan is set to miss its $5 billion IT exports target for 2023 by half as it has only managed $2.37 billion in 11 months of the current financial year, local media reported.

The cash-strapped nation is falling short of the IT exports target by a considerable margin on the back of struggling business confidence amid persistent political and economic uncertainty, Geo News reported.

Pakistan’s IT ministry had earlier set a target of $5 billion for exports in the current financial year. However, it is only expected to reach $2.58 billion.

“IT players are retaining a greater portion of their proceeds outside the country due to declining business confidence and volatility of exchange rate,” a report by Topline Securities read.

Last month, Pakistan’s IT exports were recorded at $236 million, up 23 per cent month-on-month against $191 million in April.

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Pakistan: Shehbaz Sharif govt to reach only 50% of its $5bn IT exports target

The cash-strapped nation is falling short of the IT exports target by a considerable margin on the back of struggling business confidence amid persistent political and economic uncertainty