Pakistan improves its rankings by 11 points in Doing-Business
Doing Business Report Training for Reform 2019 has been published by the World Bank on Wednesday.
In this report, Pakistan has improved its ranking by 11 points. It has moved from 147th to 136th position.
The report is based on surveys carried out in Lahore and Karachi. The results are based on the work done from November 2017 to June 2018. It was validated by the World Bank from July to August this year.
According to the World Bank’s annual report, Pakistan carried out three reforms during the past year.
These three reforms are:
- Areas of starting a business
- Registering property
- Resolving insolvency
In addition to that, the country showed some progress on the indicators of:
- Getting electricity
- Securing construction permits
- Getting credit
- Paying taxes
- Trading across borders
The Executive Director Board of Investment Fareena Mazhar explained that other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.
She emphasized that assistance from the World Bank was critical to the reform process. She also highlighted that “Improvement was a result of a combined effort under the Prime Minister’s Steering Committee on Doing Business Reforms.”
World Bank Country Director to Pakistan said:
“It was for the first time when I could really see people from federal and provincial governments putting energy to improve the country’s position.”
“Of course, the 136th position is not pretty”. There is a need to further build-up on the work done last year, he added.
Chairman Board of Investment said,
“This improvement clearly reflects the confidence of the private sector on the reform drives of the government.”
He acknowledged Overseas Investors Chamber of Commerce and Industry, Pakistan Business Council and Federation of Pakistan Chambers. He thanked them for always giving a true reflection of the needs and impediments to businesses.