World Bank call to end ‘Doing Business Report’ irritates Pakistan
Update: Sep 20, 2021 8:48 AM STI
Islamabad [Pakistan], Sep 20 (ANI): The World Bank’s decision to stop the “Doing Business Report” angered Pakistan as it was convinced the country would jump into the next report to improve the current ranking of 108th, reported the Dawn newspaper.
Previously, Pakistan had moved up 39 places to secure 108th place in the world ranking for ease of doing business over the past two years. According to the Pakistani daily, company registration with the Securities and Exchange Commission of Pakistan (SECP) has grown by 63 percent.
Fareena Mazhar, secretary of the Board of Investment (BoI), said they hoped the work they were doing in regulatory reforms would provide an advantage in terms of future mapping criteria. One of the main things Pakistan hoped to capitalize on was the enactment of commercial courts in Punjab province.
Last week, the World Bank Group decided to halt the publication of its Doing Business report following allegations of irregularities. The decision was made following an investigation into irregularities in the data due to pressure from some senior banking officials to improve China’s ranking in 2017.
The Doing Business report assesses regulatory environments, ease of starting a business, infrastructure, and other business climate metrics.
“After reviewing all the information available to date on Doing Business, including the findings of previous reviews, audits and the report that the Bank issued today (Thursday) on behalf of the Board of Directors, the management of the The World Bank Group has taken the decision to discontinue the Doing Business report, ”he said in a statement posted on the website.
The data irregularities investigation cited “undue pressure” from senior bank officials, including then-chief executive Kristalina Georgieva, to improve China’s ranking in 2017.
Georgieva, now managing director of the International Monetary Fund, and a key adviser pressured staff to “make specific changes to China’s data points” and improve its ranking at a time when the bank sought support from China for a major capital increase. (ANI)