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Pakistan’s ranking in Ease of Doing Business likely to improve further: BoI

Pakistan’s ranking in Ease of Doing Business likely to improve further: BoI

ISLAMABAD: The Board of Investment (BoI) is optimistic about Pakistan’s ranking in Ease of Doing Business would show considerable improvements and come down below 100 in the next World Bank rankings scheduled to be released in May.

The BoI is evaluating performance of ease of doing business reforms in Karachi and Lahore and subsequent reports will be presented in cabinet for discussion and finally submitted to the World Bank for approval, the official said.

He said the government wants Pakistan’s ranking improved from its current 136 position to below 100 in the coming year, which in return would enhance the prospects of foreign and local investment and promote economic growth.

As per the last World Bank report, Pakistan’s ranking, in different indicators for ease of doing business, remained around 100. The country ranked 26 in resolving insolvency, 53 in protecting minority investors among the 190 countries surveyed.

However, Pakistan ranks 173 in paying taxes indicator and was ranked lower in indicators like provision to electricity, property registrations, contracts enforcement and trading across borders.

The official said Pakistan is focusing to evolve strategy on areas where it can improve and evolving short, medium and long term strategies to implement reforms.

Moreover, the government is also working to develop a communication strategy to build effective feedback mechanisms so that bottlenecks in implementation are identified in a timely manner and dealt accordingly.