Pakistan top reformer in south Asia: World Bank-IFC report
New Delhi, Sep 13 (PTI) Pakistan is the top reformer in South Asia, making it easier to start business in the country compared to other economies of the region, a World Bank- International Finance Corportion-sponsored report said today.
Pakistan is ranked at number 10 in terms of reformer globally, the report said, adding cost to register property was reduced in the country in January 2005, while penalties for violating corporate governance rules increased.
The country also replaced a requirement to license every shipment with two-year license for traders, said the report, "Doing Business in 2006:Creating Jobs." The annual report said India significantly improved the process for enforcing collateral agreements with a new summary judgement, procedure that requires only minimal court involvement.
In some cases, time to enforce the agreements fell from 10 years to 6 months, the report said.
A new consumer credit bureau was launched in India, making it easier for lenders to evaluate credit worthiness, the report said, adding that stamp duties for registering property were halved from 10 per cent to 5 per cent with revenue increasing because of better compliance.
It said south Asian economies are increasing the pace of reforms to help small and medium businesses generate more jobs, but companies face heavy legal burdens in most countries of the region.
The report found that South Asian region is the third fastest area in the world to refom their economies behind Eastern Europe and OECD. PTI