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2016-10-31 18:55:00

PAKISTAN IS BETTER FOR WBG

PAKISTAN IS BETTER FOR WBG

 

PAKISTAN OIL PRODUCTION 2015 - 2016

According to WBGPakistan made some important progress towards the ease of doing business for small and medium-sized enterprises, finds the latest edition of the World Bank Group's Doing Business report.

As a result, Pakistan is among this year's global top 10 improvers, says Doing Business 2017: Equal Opportunity for All, released on Tuesday.

Pakistan announced a three year road map to improve its global ranking on doing business earlier this year. Consistent with that, the country completed three reforms in the past year in Registering Property, Getting Credit and Trading Across Borders. The highest number in a single year over the past decade.

· In Lahore, transferring property was made easier by improving the quality of land administration through digitizing ownership and land records. Making land administration more reliable than before.

· Cross-border trade was eased by updating electronic customs platforms in Lahore and Karachi. It now takes less time for an exporter to comply with border regulations.

· Pakistan improved access to credit information by legally guaranteeing borrowers' rights to inspect their own data. The credit bureau also more than doubled its borrower coverage, thereby increasing the amount of creditor information and providing more financial information to prospective lenders. Pakistan now ranks second in the South Asia region in the area of Getting Credit.

As a result of these reforms, Pakistan's position in the Doing Business global rankings improved to 144 out of 190 economies this year, as against 148 in 2016 under the latest methodology. Pakistan's Distance to Frontier score, a measure of distance each economy has moved towards best practice expressed as frontier at 100, in Doing Business Report also improved from 49.48 in 2016 to 51.77 this year.

"These improvements provide important building blocks for a more efficient business environment that would encourage local entrepreneurs in the country," says Illango Patchamuthu, World Bank Country Director for Pakistan. "At the same time, Pakistan needs to accelerate reforms towards better regulatory practices for a more conducive business environment for higher growth and job creation."

While Pakistan's recent improvements are encouraging, the report finds that local entrepreneurs still face difficulties in many areas such as Enforcing Contracts and Getting Electricity. For instance, it takes almost three years to settle a commercial dispute in Pakistan, compared to the global average of 637 days. And firms in both Karachi and Lahore experience power outages on a daily basis.

This year's report includes, for the first time, a gender dimension in three indicators: Starting a Business, Registering Property and Enforcing Contracts. The country needs to pay significant attention to gender aspects, going forward.

The Paying Taxes indicator set has been expanded as well to include measures of post-filing processes relating to tax audits and Value Added Tax refund. Tax audit compliance in Pakistan takes 29 hours, which is considerably less than the regional average of 48 hours, but higher than the global average of 17 hours.

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Earlier: 

WORLD BANK: 

WBG BUYS BELARUS 

WBG BUYS EGYPT 

WBG: GLOBAL GROWTH DOWN TO 2.4% 

WBG WANTS CENTRAL ASIA 

WBG WANTS INDONESIA

 

PAKISTAN: 

IRAN-PAKISTAN GAS PIPELINE 

TAPI STARTS: $10 BLN 

PAKISTAN & RUSSIA GAS PIPELINE 

IRAN – PAKISTAN: CHINA PIPELINE 

CHINA & PAKISTAN INVESTMENTS

 

Tags: WORLD, BANK, WBG, PAKISTAN

Chronicle:

PAKISTAN IS BETTER FOR WBG
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

PAKISTAN IS BETTER FOR WBG
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

PAKISTAN IS BETTER FOR WBG
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

PAKISTAN IS BETTER FOR WBG
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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