IMF appreciates Pakistan’s business-friendly policy reformations

Economic Governance Reforms to Support Inclusive Growth

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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.While on the other hand, Ghulam Sarwar Khan said the incumbent government believes in taking practical steps for welfare of the common man.He said 110 km long Rawalpindi Ring Road project would not only help resolve the traffic issues, but also create job opportunities and give a boost to economic activities in the area. The Minister said five small dams are being constructed in Rawalpindi Division that will meet irrigation needs of local formers, which would also be helpful to overcome water short age issues.

 

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