We reversed damage which prior govt did: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said the government has reversed the damage done since the last five years within its first year.

In his tweet, Hammad Azhar posted, “During PMLN’s 5 years, Pakistan’s ease of doing business ranking took a steep fall from 110 to 136.”

During PMLN’s 5 years, Pakistan’s ease of doing business ranking took a steep fall from 110 to 136. During PTI’s first year, we reversed all that damage and recovered to 108. With many more measures underway we expect further improvements in next years ranking too IA.

— Hammad Azhar (@Hammad_Azhar) October 25, 2019

He added, “During PTI’s first year, we reversed all that damage and recovered to 108. With many more measures underway we expect further improvements in next years ranking too IA.”

Previously on Thursday, regarding ease of doing business, Adviser on Commerce Abdul Razzaq Dawood said that Pakistan has suffered a downfall by three points and there were six where they had the best performance.

Also read: US dollar declines by 3 paise against Pakistani rupees

Pakistan has climbed 28 ranks on the World Bank’s Ease of Doing Business Index 2020 to gain 108th position. The country has also secured a place among the top ten global business climate reformers.

The credit rating of Pakistan has dropped from 112 to 119, while the country’s rating related to the protection of small investors has dropped from 26 to 28.

The World Bank in its reports also listed Pakistan among the top ten improvers along with Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Kuwait, China, India, and Nigeria.

Also read: Pakistan jumps 28 spots on ‘Ease of Doing Business 2019’

In the report, New Zealand and Singapore were able to maintain the first and second spots, respectively. While China moved to number three from last year’s four and pushed Denmark to the fourth spot.

India also made a significant improvement in its ranking by ending up on the 63rd spot from last year’s 77.

In South Asia, India still remained at the top by improving 14 positions and clinched to 63rd rank.

Also read: IMF, World Bank assure continued support to Pakistan’s economy