Published: Fri, November 02, 2018
Money | By Bruce West

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

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

The reforms introduced in the last year - the second highest number of reforms for Thailand in a single year since the beginning of the Doing Business project in 2003 - carried forward the country's regulatory reform agenda, Ms Warwick said.

The UAE has expedited its march towards making the economy more attractive for foreign investment and easier to do business as the latest World Bank report ranked the nation among the world's top 20 countries for the ease of doing business.

- This year's top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d'Ivoire, Turkey and Rwanda. Mr Jaitley said, reaching to 50 from the 142nd position is an unprecedented growth in World Bank business Ratings. For sure, it is good to benchmark the country's progress on various counts of starting a business, but it is also important not to lose sight of the fact that this does not measure macro stability policies and development of the financial sector.

New Zealand was the easiest place to do business globally, followed by Singapore and Denmark.

President Uhuru also expressed his frustration with some lawyers who have persistently defeated reforms at the Lands Ministry especially at the Registry.

The report, "Doing Business 2019: Training for Reform", released on Wednesday night showed the Philippines, represented by Quezon City, garnering a score of 57.68 from a possible ideal score of 100.

Kenya also made resolving insolvency easier by facilitating the continuation of the debtor's business during insolvency proceedings, providing for equal treatment of creditors in reorganization proceedings and granting creditors greater participation in the insolvency proceedings.

Grant of a construction permit, trading across the borders, starting a business, getting credit, getting electricity and enforcing contracts showed improvement.

But it was in the area of "Registering property" that Malta fared worst, in a global 151 spot, requiring 15 days and seven different procedures.

The World Bank's ranking is determined by awarding 190 countries scores on 10 topics, including obtaining electricity, paying taxes, dealing with construction permits, enforcing contracts, protecting minority interests, availability of credit and other factors.

On the methodology adopted, the report said the indicators presented and analysed in Doing Business measure business regulation, the quality and strength of legal frameworks, the protection of property rights-and their effect on businesses, especially small and medium-sized domestic firms. Afghanistan, with five reforms, moved up 16 spots to 167 place in the global rankings.

Sub-Saharan Africa set a new milestone for a third consecutive year, implementing 107 reforms in the past year, up from 83 the previous year.

- During the past year, Malaysia implemented six reforms, Mauritius five, and the UAE four.

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