ISLAMABAD: Pakistan has improved its ranking by 11 points, moving from 147th to 136th position in the ‘Doing Business Report: Training for Reform 2019’ published by the World Bank on Wednesday.
In resolving insolvency, Pakistan made it easier by introducing the reorganisation procedure and improving continuation of the debtors business during insolvency proceedings. These reforms have been introduced in Punjab as well as Sindh.
For registering property, Punjab made it easier by streamlining and automating administrative procedures and increasing the transparency of its land administration system. Sindh also made registering property easier by increasing the transparency of the land registry.
Commenting on the report, Adviser to the Prime Minister on Commerce and Investment, Razzak Dawood said that three reforms have been acknowledged; Pakistan made starting a business easier by introducing the online one-stop registration system; replaced several forms for incorporation with a single application and; established information exchange mechanism between the Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR).
Briefing the media on the report, Executive Director Board of Investment, Fareena Mazhar explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.
She emphasised that assistance from the World Bank was critical to the reform process, and also highlighted that improvement was a result of a combined effort under the Prime Minister’s Steering Committee on Doing Business Reforms.
Chairman Board of Investment, Haroon Sharif stressed the fact that this improvement clearly reflects the confidence of 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 of Commerce and Industry for always giving a true reflection of the needs and impediments to businesses.
Published in Dawn, November 1st, 2018