Pakistan has been facing very odd situations since its inception – most of the time self-made and self-inflicted. The present government claims the credit of all the positive signs appearing in the country’s economy, but ignores to accept responsibility of its failures in various other fronts. At a time when the world economies are open up to foreign investment, Pakistan seems to have adopted a reverse course of action and the latest World Bank report is a big question mark on the government’s performance, specifically Finance Minister Ishaq Dar’s who is on the driving seat of the Pakistani economy.
In its report appearing on Tuesday, Pakistan has shed 10 points in ease of doing business to stand at 138th position among 189 economies of the world, thanks to the administrative failure at large. According to the report, almost all the indicators with regard to ease of doing business have shown bleak performance of the government institutions, from the benchmarks of getting an electricity connection for a business concern to paying taxes. The bank, in its report “Doing Business 2016”, measures the regulatory quality and efficiency of the government institutions, and estimates that the country incurs annual losses up to 34 percent due to power failure alone.
The report says that it is very difficult to get electricity connection in Pakistan, dropping the country from 146th position last year to 157th position this year. On another note, India has improved its ranking, moving up 12 places to stand at 130 on the global ease of doing business index. It should be a point to ponder for the Pakistani policymakers who do not tired off eulogizing the performance of the government institutions.
The report puts Pakistan at the sixth place among SAARC countries, below Sri Lanka, Maldives, Nepal, India and Bhutan. Sri Lanka has moved up from 113th position to 107th, Maldives stands at 125th from 128th, but Bangladesh came down at 174th from 173th whereas Nepal and Bhutan are the only South Asian countries which rank within the first 100. Pakistan ranks 171st on paying taxes and 157th on getting electricity. According to the report, cross-border trading and enforcing contracts also contribute to the lower ranking of the country in ease of doing business. The policymakers should give serious considerations to the reports from international agencies which bespeak flaws in government policies. The people are oscillating between hope and despair on such reports. The countries in the region have already started reforms programmes and the government should also follow the suit in the best interest of the nation.
