WASHINGTON— World Bank on Wednesday said that the delay in negotiation with the International Monetary Fund (IMF) has made the situation more uncertain.
The report released by the World Bank stated that the performance of the Trade Development Authority of Pakistan (TDAP), which provides support for exports, is disappointed.
It further stated that the TDAP’s role in providing information to exporters was inadequate.
“Pakistan needs to improve tax system, reduce business costs and increase competitiveness for economic stability,” the report said.
According to the World Bank, inflation rate is expected to rise in Pakistan during the next fiscal year and it could go above 10 percent.
On the other hand, Addressing a joint press conference along with Prime Minister s Advisor on Commerce, Abdul Razak Dawood in Islamabad, Board of Investment (BoI) Chairman Haroon Sharif said that the government is striving hard to improve Pakistan s ranking in World Bank s index.
He said now any foreign company can be registered in Pakistan through an online portal and the entire process will be completed in four hours.
Haroon Sharif said about 8,000 companies have been registered in last six months through online portal.
He said any company after starting business in Pakistan will have to make multiple payments to the government and that has been reduced to facilitate the investors.
He said at present, the government payments, including taxes, have come down from 47 to 10 and by next year these will be further taken to single digit.
Haroon Sharif said property can also be registered through portal in Karachi and Lahore respectively.
He said the government is giving a clear message to foreign investors that we are bringing 100 percent changes to facilitate them and our reforms are being acknowledged internationally.