According to the World Bank’s annual report, ‘Ease of Doing Business 2020’, Pakistan’s ranking jumped from 136 to 108 owing to six reforms the country had put in place in the past year.
Meanwhile, Pakistan’s neighbour, India, jumped up to the 63rd position.
The improvement comes due to the reforms put in place by the two former chairmen of the Board of Investment, Naeem Zamindar and Haroon Sharif.
Sharif, who had resigned a few months ago, wrote in his resignation letter to Prime Minister Imran Khan that Pakistan would move up at least 25 positions in the 2020 ranking.
The World Bank Country Director for Pakistan, Illango Patchamuthu, stated that the improvement in Pakistan’s position was made possible through collective and coordinated actions of the federal government and the governments of Punjab and Sindh.
He stated that the improvement in Pakistan’s position had resulted from better quality of regulations, reduced time and the streamlining of processes. He added that his momentum needs to be sustained.
The Ease of Doing Business Index is used by foreign investors to gauge whether they should do business in the country.
The World Bank has also attributed the improvement in Pakistan’s position to the increasing ease of paying taxes, getting electricity, obtaining construction permits, registering property and trading across borders.