Ease of Doing Business Index: Pakistan jumps up 28 places
The improvement in rankings will help improve Islamabad's image abroad
ISLAMABAD: The World Bank released its Ease of Doing Business Index on Thursday and according to it, Pakistan has jumped up 28 places to clinch the 108th spot.
According to the World Bank’s report “Ease of Doing Business 2020” Pakistan has improved its overall ranking from 136 to 108. The total number of countries included in the list are 196The report claimed that Islamabad had taken six reforms over the past one year owing to which its ranking improved in the index.
Countries that performed well on the index include Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria. Pakistan is also included among the top 10 global business climate reformer countries.
According to a report in The Express Tribune, Pakistan’s position would have fared better had it undertaken reforms in two critical sector–enforcing contracts and getting credit.
CONGRATULATIONS: Pakistan climbs 28 places, ranks climbs to 108 in the global ease of Doing Business rankings this year Enactment of 6 regulatory reforms lands Pak among world’s top 10 business climate improvers World Bank Group’s Doing Business 2020 study. Thank u @ImranKhanPTI
— Imran Ismail (@ImranIsmailPTI) October 24, 2019
Pakistan jumps 28 places in World Bank's Index of Ease of Doing Business. Now stands at 108 compared to 136 last year #economy
— Mubashir Zaidi (@Xadeejournalist) October 24, 2019
Illango Patchamuthu, the World Bank Country Director for Pakistan, said that the rise had been made possible owing to the collective and coordinated actions of the Federal Government and Provincial Governments of Sindh and Punjab.
“The accelerated reform agenda has many noteworthy features to improve the quality of regulations, reduce time and streamline processes. This momentum needs to be sustained in the coming years for Pakistan to continue to make progress,” he said.
The Ease of Doing Business index is instrumental in informing foreign investors about a particular country and whether doing business there would be good or not. The report is based on surveys carried out in Lahore and Karachi. The results are based on the work done from November 2018 to June 2019.
Pakistan improved its rank from 61 to 52.8 on the measure of absolute progress towards best practices. The report also acknowledged that Pakistan had developed an ambitious reform strategy and set up a national secretariat and a prime minister’s reform steering committee.
India also improved its position from 77 to 63, moving 14 places up in the list.
Some of the measures which were taken in Lahore and Karachi which were acknowledged by the report include that Pakistan had made obtaining construction permits easier and made the land administration system more transparent.