Wednesday, June 19, 2024

IMF Praises Business-friendly measures of Pakistan

IMF, the International Monetary Fund has recently said that the improvement in the business environment can be done by improving the accountability system, professional and competitive environment and by enhancing institutional coordination and also improving civil service.

Recent report entitled ‘Economic Governance Reforms to Support Inclusive Growth’, depicts the IMF stated that Pakistan has likely reduced the period as for obtaining the permits required for the construction through the reforms of business laws.

According to the IMF report, In the Middle East, Central Asia and North Africa, Pakistan is one of the countries where the time period has reduced just because of the set measures that are taken for the development in the construction sector.

The report added that initiatives of digitization and the e-services could help to improve the quality of the services by just limiting the individual decisions and by adding that offering incentives that can also help to improve the performance. However, IMF praised the business-friendly measures that are taken by Pakistan.

Example of Pakistan was cited by the IMF that has said the country has increased its tax revenues by just giving incentives to the tax collectors. And over the past decade, and also in previous years it has added that the developing countries have also taken enormous steps to improve their business environment and the regulations that have increased their provision of business facilities.

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