Pakistan’s ranking has improved as it jumps up 28 places on the World Bank’s Ease of Doing Business Index. Pakistan has reached the 108th position. Pakistan initiated 6 reforms in 2018 that have helped its ranking to improve to 108th position from earlier 136th position. This is as per the World Bank’s annual flagship report “Ease of Doing Business 2020”.
Other than this, Pakistan is among the 10 economies that have improved the most in ease of doing business following the implementation of regulatory reforms. The countries with the most notable improvements in Doing Business 2020 report were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria.
Pakistan’s score improved from 52.8 to 61. This indicates that Pakistan has done an amazing job in implementing reforms that were introduced last year.
According to the World Bank, Pakistan has made starting a business easier by offering more options via its online one-stop-shop. The reform is applicable to both Karachi and Lahore.
Obtaining a construction permit has been made easier and faster. Online payment methods have been introduced for value-added tax and corporate income tax, an online portal was launched for new applications for getting electricity, trading across borders was made simpler, and property registration has been made faster.
World Bank’s Country Director for Pakistan Illango Patchamuthu said: “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.”