Business & Commerce

Pakistan jumps 28 spots on World Bank’s ease of doing business ranking

Pakistan landed among the world’s top 10 business climate improvers for its ratification of six regulatory reforms pertaining to business regulation, according to the World Bank’s Doing Business 2020 study.

statement issued on Thursday highlighted Pakistan’s efforts in bringing improvements to the business climate in the country, which earned it a jump by 28 places to a global ranking of 108. The previous year Pakistan had stood at 136.

“This rise is significant and made possible by collective and coordinated actions of Federal Government and Provincial Governments of Sindh and Punjab over the past year,” said Illango Patchamuthu, World Bank Country Director for Pakistan. “The accelerated reform agenda has many noteworthy features to improve 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.”

The statement noted that the reforms that paved the way to Pakistan’s new ranking are also “significant”.

“The country has made starting a business easier by expanding the functionalities of the online one-stop-shop. This reduced the number of procedures required to set up a business from 10 to five and improved the economy’s score for starting a business. Additionally, in Lahore, the Labour Department registration fee was abolished,” it said.

The World Bank statement also recognised that the process to acquire a construction permit was made easier by authorities and faster in both Karachi and Lahore.

In Karachi, the process was also made safer owing to building quality inspections which are regularly conducted.

Source – Dawn