Incompetence of bureaucracy in Pakistan a major obstacle to business: IMF
Incompetence of bureaucracy in Pakistan a major obstacle to business
ISLAMABAD (Dunya News) – The International Monetary Fund (IMF) has said that due to incompetence of bureaucracy and regulations, it is difficult to do business in Pakistan.
The international lender said that risks to investment are growing, while corruption is also on the rise in Pakistan.
The IMF said in its report that the incompetence of the bureaucracy in Pakistan is a major obstacle in the way of business.
It has also demanded that the government of Pakistan to simplify the process of tax payment and remove unnecessary regulations to improve the business environment.
On Friday, Pakistan received $1.053 billion from the International Monetary Fund (IMF) after the successful completion of 6th review of Extended Fund Facility (EFF) programme for Pakistan.
“Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion,” the State Bank tweeted.
— SBP (@StateBank_Pak) February 4, 2022
On Wednesday, the international lender had approved 6th tranche of EFF programme for Pakistan.
The IMF mission led by Ernesto Ramirez Rigo had held virtual discussions during October 4–November 18, 2021 in the context of the 2021 Article IV consultations and the sixth review of the authorities’ reform program supported by the IMF’s Extended Fund Facility (EFF).
The Pakistani authorities and IMF staff had reached a staff-level agreement on policies and reforms needed to complete the sixth review under the EFF, however the agreement was subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms.
It is pertinent to mention here that the fund had approved $6 billion, three-year loan facility for Pakistan back in July 2019 to help resuscitate the country’s ailing economy.