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Pakistan at top places for investment end of next year, says Imran

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ISLAMABAD: Pakistan Prime Minister Imran Khan has affirmed that his government has fulfilled another of its manifesto commitments by showing improvement in the ease of doing business.
It may be noted that Pakistan jumped 28 places from 138 to 108 in the World Bank’s Ease of Doing Business rankings, according to a report released on Thursday.
In a tweet shared on his official Twitter handle, PM Khan expressed the confidence Pakistan will become one of the top places for investment before the end of next year.
He said “Pakistan has achieved the biggest improvement in its history in the World Bank’s Ease of Doing Business rankings.” He said over the last decade Pakistan’s ranking had slipped more than fifty places. Now, we have improved twenty eight places.
Congratulating his team for the struggle, the prime minister said: “We still have a long way to go.” He further said that before the end of next year, Pakistan will become ‘one of the top places for investment’.
“Pakistan achieves biggest improvement in its history in World Bank’s Ease of Doing Business Index 2020 rankings. Over last decade, Pakistan’s ranking had slipped more than 50 places. Now we have improved 28 places – from 138 to 108,” PM tweeted.
In another positive development that could boost investors’ sentiments towards Pakistan and will allow the debt-ridden state to combat its economic crisis, Pakistan has attained 108th position besides securing a place among top ten global business climate improvers.
Pakistan carried out six reforms in the last one year that helped improving its ranking from 136 to 108, according to the World Bank’s annual flagship report “Ease of Doing Business 2020”, released on Thursday. Last year, Pakistan was ranked 136th among the 190 nations surveyed.
According to the World Bank, the six areas which saw reforms included starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders. Pakistan made starting a business easier by expanding procedures available through the online one-stop shop. In addition to improvements in property registration, obtaining a construction permit became easier.
The launching of online portals for new commercial connections made getting electricity easier, and tariff changes are announced in advance. Moreover, tax compliance became easier through online payment modules for value-added tax and corporate income tax. Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port.
Since assuming the office, Prime Minister Imran Khan made it amongst his highest priorities to take measures for improving ease of doing business in the country. As a result of the coordinated efforts led by the state’s institutions, Pakistan has been acknowledged by the World Bank among the top global reformers this year.
Pakistan, another top improver, developed an ambitious reform strategy, setting up a national secretariat as well as a prime minister’s reform steering committee to ensure progress, the report acknowledged.
It made property registration faster by making it easier to execute and register a deed at the Office of the Sub-Registrar.
On the measure of absolute progress towards best practices, Pakistan has improved the score to 61 from previous 52.8 points.
In South Asia India still remained at top by improving 14 positions and clinched to 63rd rank, Pakistan also fared well by securing a place among top ten global business climate reformers and improving 28 positions in a year.
The Ease of Doing Business index is mostly used as a guide by foreign investors to learn more about a country, aiding decisions on investment into the economy.
Meanwhile, Adviser to the Prime Minister on Finance Dr. Hafeez Sheikh says Pakistan emerges among top ten improvers globally in “Ease of Doing Business”.
In a tweet on Thursday, he said the government’s structural reforms are getting international recognition.
He said the country’s ranking has improved by 28 positions to 108 from 136 last year that shows an unprecedented rise in World Bank’s EODB ranking.
Meanwhile, in a tweet on Thursday, Prime Minister Imran Khan has prayed for the
health of PML (N) Quaid Nawaz Sharif.
He said political differences notwithstanding, his sincere prayers are with Nawaz Sharif for his health.
Imran Khan said he has directed all concerned to ensure provision of best possible health care and medical treatment to him.
Acting President Sadiq Sanjrani called opposition leader in National Assembly Shahbaz Sharif and inquired about the health of Nawaz Sharif.
Sadiq Sanjrani prayed for the early recovery of Nawaz Sharif.
According to Dunya News sources, Prime Minister Imran Khan Thursday notwithstanding political differences – extended his sincere prayers for the Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif’s heath and barred his party workers from commenting on it.
At the meeting chaired by PM Imran also mentioned the health of Nawaz Sharif. Imran Khan has said that treatment for Nawaz Sharif’s illness is available in Pakistan. “He will be given
the best medical facilities in Pakistan”, he expressed adding that the decision of the court regarding Nawaz Sharif will be accepted.
Meanwhile, chairing a meeting of the spokespersons in the federal capital, Prime Minister Imran Khan on Thursday directed government spokespersons to issue truth-based statements on former prime minister Nawaz Sharif’s health.
Ousted prime minister Nawaz Sharif was shifted to Services Hospital amid strict security for a medical checkup on Monday night after his health deteriorated in Kot Lakhpat jail. – NNI