Pakistan jumps 11 spots in World Banks Ease of Doing Business index

The Doing Business report is published by World Bank, which measures the performance in ease of doing business in 190 countries. The country, it added, has improved its ranking by 53 positions in the last two years and 65 positions in four years since 2014.

The Index ranks 190 countries based on 10 indicators across the life-cycle of a business, from "starting a business" to "resolving insolvency".

"India's strong reform agenda to improve the business climate for small and medium enterprises is bearing fruit".

The United States is placed 8th and China ranked at 46th.

"The improvement is excellent news for India, and good news for the business community", Commerce Minister Suresh Prabhu said on Wednesday.

The government also introduced the reorganisation procedure and improved the continuation of the debtors' business during insolvency (bankruptcy) proceedings for Karachi and Lahore.

Finance minister Arun Jaitley said: "We have improved tremendously but there are five areas we need to work on".

Rwanda, which recently spent £30m in a sponsorship deal with Arsenal football club, carried out the most reforms in the region in past year, with seven, and moved up to 29th in the World Bank ranking.

"Online single window in Delhi & Mumbai has streamlined the processes".

The World Bank's senior economist Arvind Jain said an acceleration in reforms had helped Malaysia advance its position to be among the top 20 ranked economies globally.

A high ease of doing business ranking means the regulatory environment is more conducive to the establishment and operation of a local firm.

According to the report, despite a reform in the past year to make registering property easier, a business has to go through nine procedures to affect a property transfer, compared to an average of six procedures in the region.

While talking to the media, Fareena Mazhar, Executive Director General BOI, explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan. In "Trading across Borders", India's rank improved by 66 positions moving from 146 in 2017 to 80 in 2018.

In its annual report, the World Bank said overall, the BRIC economies - Brazil, Russia, India and China - improved their average ease of doing business score by a combined total of nearly 19 points across various areas of business regulation.

In its section on Malaysia, the report commended the country's efforts towards embracing digital transformation, which it said facilitated easier tax reporting, permit applications, power connections, cross-border trading, and resolution of insolvency issues.

"It also performs well in the area of registering property, with a global rank of 39", it said.

The country performs best in the areas of enforcing contracts, with a global rank of 19, and a rank of 26 for protecting minority investors.


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