Ever since prime minister Imran Khan came to power, good news related to the economy is rarely seen. However, now, Pakistan is doing good on a few economic indicators.
Pakistan has surged up 28 places on the World Bank’s Ease of Doing Business Index.
Moreover, Pakistan is also in the top 10 nations where the business climate improved significantly.
Indeed, this development will portray a positive image of Pakistan across the globe. Earlier, Pakistan had faced FATF and many other economic problems.
According to the World Bank’s annual flagship report, ‘Ease of Doing Business 2020’, Pakistan ranks 108. The report published on Thursday states Pakistan humped from 136 to 108.
As per the report, the following markets improved significantly: Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
India remained top among South Asian nations, scoring from 14 spots to 63. Pakistan climbed 28 positions and secured a place among the top ten.
Among other Asian nations, Bhutan was at 89, Nepal (94), Sri Lanka (99), Maldives (147), Afghanistan (173) and Bangladesh (168).
Reportedly, former chairmen of the Board of Investment, Naeem Zamindar and Haroon Sharif devised the base of this improvement.
Sharif, who resigned from his position a few months ago, wrote in his resignation letter to PM that Pakistan would leap at least 25 positions in the 2020 ranking.
Illango Patchamuthu, World Bank Country Director for Pakistan, said, “This rise is significant and made possible by collective and coordinated actions of the Federal Government and Provincial Governments of Sindh and Punjab over the past year.”
“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’s continued progress,” said Illango.
The WB country director also played a hefty role in making Pakistani officials understand the value of the global rankings. Moreover, he also provided assistance in the implementation of reforms.
Pakistan has improved the score to 61 from 52.8, on the measure of absolute progress.
Foreign investors use the Ease of Doing Business index is often used as a guide to know more about a certain nation.
Plus, the report was based on surveys carried out in Lahore and Karachi. And, the results are based on the works of November 2018 to June 2019.
The Reports Reads
“Pakistan, another top improver, developed an ambitious reform strategy, setting up a national secretariat as well as a prime minister’s reform steering committee to ensure progress,” the report reads.
“Pakistan also made paying taxes easier by introducing online payment modules for value-added tax. This reform applies to both Karachi and Lahore.”
“Pakistan made getting electricity easier by enforcing service delivery time frames and by launching an online portal for new applications.”
“Pakistan also increased the transparency of electricity tariff changes. This reform applies to both Karachi and Lahore.”
“Pakistan (Karachi) made obtaining a construction permit easier and faster by streamlining the approval process and also made construction safer by ensuring that building quality inspections take place regularly.”
The elevation in rank will greatly soar the business in Pakistan. Moreover, This rank development will assist Pakistan in fighting the ongoing economic crises.