IMF praises Pakistan’s business-friendly measures
Subject to the final modalities, the IMF has agreed that the programme will be extended by another nine months to one year. PHOTO: FILE
The International Monetary Fund (IMF) has said that business environment can be improved by improving accountability system, enhancing institutional coordination and improving civil service and professional and competitive environment.
In a report entitled ‘Economic Governance Reforms to Support Inclusive Growth’, the IMF has stated that Pakistan has reduced the period for obtaining permits required for construction through reforms of the business laws.
“Pakistan is one of the countries in the Middle East, North Africa and Central Asia, where time period has reduced because of the measures taken for the development of the construction sector,” according to the IMF report.
The report has also said that digitisation and e-services initiatives could help improve the quality of services by limiting individual decisions, adding that offering incentives can also help improve performance.
Citing the example of Pakistan, the IMF has said that the country has increased tax revenues by giving incentives to tax collectors. Over the past decade, it has added, developing countries have taken a number of steps to improve business environment and regulations, which have increased the provision of business facilities.