Pakistan's Economy - News and Updates

[wiqi21]

CDWP clears Rs48bn projects for Ecnec approval

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved Rs128 million project and recommended three other projects of Rs48 billion to the Executive Committee of the National Economic Council (Ecnec).

The CDWP meeting, chaired by Federal Minister for Planning, Development and Reform Ahsan Iqbal, discussed six public sector development projects

The meeting referred two energy projects to Ecnec, including the import of electricity from Central Asia under the CASA-1000 project and establishment of a coal-based power plant in Karachi.

The CASA-1000 project is to bring electricity from Tajikistan through 500KV high density transmission system to Pakistan.

The CASA-1000 interconnection will transmit 1,300MW of surplus electricity from existing hydro-power resources in the Central Asian countries (Tajikistan and Kyrgyzstan) through Afghanistan to Pakistan.

The total distance of transmission line is 1,200km. Out of the 1,300MW of power being exported, 1,000MW will be supplied to Pakistan while 300MW will be supplied to Afghanistan.

The project costs Rs31.85bn and PSDP allocation of 2014-15 is Rs4,000 million. It will be completed within three and a half years.

The project was approved by the board of World Bank in March 2014.

The other energy project referred to Ecnec was establishment of 1,320MW imported coal-based power plant at Bin Qasim near Karachi.

The project envisages transportation of power produced at the plant to upcountry load centres by construction of 500KV transmission line of 180km from the proposed plant at Bin Qasim to Matiari.

The project costs Rs13.66bn and the PSDP allocation for 2014-15 is Rs200 million. It is scheduled to be completed in four years.

A health related project on the Expanded Programme on Immunisation was also referred to the Ecnec.

The CDWP also approved a Rs128m foreign funded project on water and livelihood.

The project will be executed by the Ministry of National Food Security and Research and relates to glacier and snow pack dependent river basins of the Himalaya and Hindukush Region.

On the occasion, the federal minister said that development projects reflect government’s priority to energy sector through knowledge initiative.

 

[Al Bhatti]

12 May 2015

Pakistan to get fresh $506million IMF loan
Pakistan would achieve the fiscal deficit target of 4.9 per cent of GDP by the end of the fiscal year on June 30, and for next year the target would be 4.3 per cent.


Pakistan in June will get the next installment worth $506 million of its loan from the International Monetary Fund after a successful review of its economic performance, the finance minister said on Monday.

“The seventh review was completed successfully today, for which an IMF team came to Islamabad,” Ishaq Dar told a joint Press conference with IMF delegation head Harald Finger.

“After the approval from the IMF board, some $506 million should be released to Pakistan in June.”

Dar said the country had satisfied qualitative performance criteria relating to its net international assets, net domestic assets and borrowing by the central bank.

“All these three were right on target.”

The minister said Pakistan would achieve the fiscal deficit target of 4.9 per cent of GDP by the end of the fiscal year on June 30, and for next year the target would be 4.3 per cent.

Finger said Pakistan had made “significant progress” over the last year and a half in strengthening its economy. He said the IMF mission and Pakistani authorities had reached staff-level agreement on economic and financial policies which would be considered by the IMF executive board in June.

“After completion of this review, SDR 360 million (about $506 million) will be made available to Pakistan,” Finger announced.

The IMF official said the economy was improving.

“Pakistan’s economy continues to gradually improve, helped by macroeconomic stability, lower oil prices, robust remittances and higher supply of gas and electricity.”

Real GDP growth was expected to reach 4.1 per cent this fiscal year and accelerate to 4.5 per cent next year, he added.

Excluding next month’s payment, the IMF since late 2013 has provided $3.7 billion out of a $6.6 billion loan.

Business - Pakistan to get fresh $506million IMF loan

 

[Al Bhatti]

July 12, 2015

Pakistan's big five banks - National Bank of Pakistan, Habib Bank, United Bank, MCB Bank and Allied Bank - earned a profit after tax of Rs111.892 billion, up 32 per cent in the whole year 2014 when compared to their CY-13 profit of Rs84.708 billion.


Pak bank profits hit peak despite slow economy

The latest profit reports for Q1 of calendar year 2015, which closed on March 31 showed banks profits recorded a historic high of 58 per cent.

Pakistani banks profits have gone through the roof while the economy still stays slow to pick up. The latest profit reports for Q1 of calendar year 2015, which closed on March 31 showed banks profits recorded a historic high of 58 per cent, totalling Rs80 billion compared to the like period of CY-14.

The asset base of the banking system was up 3.5 per cent, or Rs422 billion, to reach a total of Rs12.5 trillion. The increase came on the back of the banks' larger investment in government bonds and securities. The credit advances recorded a net retirement "primarily due to the seasonal adjustments and drop in commodity prices." The liquidity of the banking system remained at "a comfortable level: with "a continuing accumulation of huge stocks of liquid assets in the form of government securities," State Bank of Pakistan (SBP), the central bank, said in its Quarterly Review of the Banking Sector for January-March 2015. But the SBP also cautioned about the quality of assets, which it said, "slightly deteriorated".

The ratio of non-performing loans (NPLs) to gross loans increased by 50 basis points to 12.8 per cent. The ratio of NPLs to net losses rose by nine basis points to 2.8 per cent in Q1.

But with the increase in the capital base during the quarter, capital impairment ratio (net NPLs to capital) was down 27bps to 9.8 per cent, which means "declining risk to the future earnings and equity of the banking system."

The Return on Assets (RoA) rose 2.6 per cent from 1.9 per cent in Q1 of CY-15 as compared to the like quarter of CY-14. The smaller bank are doing fine in terms of earnings and sometime even doing better than the large ones. Lets have a look at the Big Five banks.

National Bank of Pakistan, Habib Bank, United Bank, MCB Bank and Allied Bank earned a profit after tax of Rs111.892 billion, up 32 per cent in the whole year 2014 when compared to their CY-13 profit of Rs84.708 billion. As the banks lent more and more to the government rather than the private sector, their overall amount of NPL came down. Their provisioning for NPLs has also come down by 39 per cent to Rs1.2 billion as compared to Rs2.2 billion, respectively for full year 2014 and 2013.

Ironically, these high profits accrued from commercial banks' huge lending to the cash-starved government, which is facing growing budgetary deficits even after claims of "positive performance" made by Finance Minister Ishaq Dar. Naturally, while the commercial banks were gleefully lending to the government at high rates and with sovereign guarantees, the private sector -industry, business and the foreign trade segments of the economy are cash-starved for working capital, renewal and upgrading of old machinery, what to talk of new capital investment. As of now, out of the banks' total lending, credit to government mounts to 90 per cent. It is 43 per cent of their total assets.

While the profits are going up and up, the bankers have turned snug and lazy. They do not have to go after potential borrowers and undergo the routine chore of checks for safety of the money to be lent or face the hassle of ensuring repayments.

The big plus in the profits has assisted banks to improve their capital adequacy ratio (CAR) to 17.4 per cent, the SBP reported. The minimum CAR limit set by SBP is 10 per cent while the international benchmark is eight per cent. The CAR as at end-December-214 was 17.1 per cent.

Thirty-three per cent of the banks have posted profit. The number of loss-making banks is down to four.

The banking systems' growth and increased profitability is attributable several elements, including return on investment in government bonds and securities, which alone contributed 34 per cent. There was a nine per cent increase in return on investment. Forex-based income also rose.

There was a "negligible increase in deposits". The deposit base of Rs9.38 trillion increased by Rs85 billion. The quarter saw saving deposits rise by 3.4 per cent and current account deposits by 2.1 per cent while the fixed deposits were down by 2.4 per cent.

Going forward, the SBP sums up the banks' operations and their performance by saying: "The earnings performance of the banking sector is expected to remain robust and will boost the equity base of the banking system."

Views expressed by the author are his own and do not reflect the newspaper's policy.

Pak bank profits hit peak despite slow economy - Khaleej Times

 

[fatman17]

Pakistan to receive $337m under CSF this month

July 15, 2015

ISLAMABAD - Pakistan would receive $337 million from the United States under Coalition Support Fund, it was learnt on Tuesday.
"Yes Pakistan will receive CSF installment within July", a top official of the Finance Ministry confirmed while talking to The Nation.
Pakistan would receive over $1.5 billion (Rs154 billion) from the United States under Coalition Support Fund during 2015-16. The tranche would help build the country's foreign exchange reserves.
Pakistan's current reserves have climbed to an all-time high of $18.71 billion last week, adequate for five months of import cover. The State Bank of Pakistan's reserves are $13.53 billion and commercial banks held $5.18 billion. Earlier, the country's reserves reached an all-time high of $18.243 billion in 2010-11.
The country's foreign exchange reserves had increased to the highest level after receiving $688 million in June from the Word Bank and $506 million from the International Monetary Fund (IMF) under an Extended Fund Facility (EFF) arrangement in June 2015. The reserves would have much higher if it had received two loans from the World Bank and Asian Development Bank. Pakistan had failed to convince the World Bank and Asian Development Bank for providing $500 million and $400 million loans respectively for the energy sector before till June 30.
The government had received Rs200 billion (around $2 billion) from the US under the CSF during previous fiscal year 2014-2015, showed in the budget documents. As against meagre CSF amount of Rs204 billion, Pakistan had faced financial loss worth of Rs458 billion in the ongoing war on terror.
The Coalition Support Fund is reimbursement to Pakistan for expenses already incurred and compensation for facilities made available to the coalition forces in fighting war against terrorism. During last 14 years, since 2001 the direct and indirect cost incurred by Pakistan due to incidents of terrorism amounted to $106.98 billion equivalent to Rs 8,702.75 billion.

 

[Al Bhatti]

July 20, 2015

Record Pak remittances to shore up national economy

Officially-received amount surges 16.6% to hit $18.454b in FY-15

Home remittances sent by Pakistanis working abroad overshot all targets and all records during fiscal year 2015, which ended on June 30, the central bank confirmed.

The officially-received amount was $18.454 billion - up 16.6 per cent, the highest ever since FY-1997 and compared to $15.837 billion in FY-2014. The target set by Ministry of Finance and the State Bank of Pakistan, or SBP, was $16.7 billion. The total inflow of $18.454 billion in FY-2015 is very close to the country's forex reserves of $18.714 billion as on July 3, which is in fact more than the SBP-owned amount. Part of this forex in reserves is owned by commercial banks.


Special cheers go overseas Pakistanis, who sent the largest-ever amount to their homeland to help it in its need. The government of Pakistan, the SBP and other banks do get a part for acceding this target. Still more cheers should go to the leadership and the government of the UAE who helped overseas Pakistanis working here as they recorded the highest growth of 35 per cent year-on-year in earning and sending their remittances. The amount sent from the UAE in FY-2015 was $4.206 billion compared to $3.10 billion in FY-2014.


Saudi Arabia was No.1 in the total amount of remittances with $5.6 billion; remittances grew 19 per cent. The growth of remittances from other GCC countries was 16 per cent and the total amount was $2.151 billion compared to $1.865 billion in FY-2014.


The Pakistani leadership and people equally appreciated the big cash received from the UAE, Saudi Arabia and other GCC countries.


"These Islamic countries stood firm and, once again, came out as our true brothers and friends in our need," Prime Minister Nawaz Sharif said.

The UAE, Saudi Arabia and the GCC region contributed 65 per cent or $11.987 billion of all inflow of home remittances.


Remittances from the United Sates totalled $2.585 billion, also higher than last year. Pakistanis sent $2.28 billion remittances from the United Kingdom, 4.9 per cent higher than FY-2014.


Remittances from the European Union, comprising 28 countries, were down to $361 million from $461 million in FY-2014. This was the only fall of the year compared to the previous one.


The remittances also witnessed the traditional surge that takes place in the holy month of Ramadan and Eid Al Fitr period as overseas Pakistanis send home more cash to meet their family requirements as well as expenses for Haj and Umrah.


Besides commercial banks receiving larger amounts of remittances, member companies of the Pakistan Foreign Exchange Association handled $4 billion in FY-2015.


While all this credit goes to Pakistanis working abroad, what did Finance Minister Ishaq Dar and the 190 million people living inside Pakistan do to shore up the economy? Three quick economic indicators to examine the situation come to mind.


One, the government failed to produce more and export more, as a result of the energy crisis and stagnating businesses. Exports are stagnating for the last three years, and fell short of the $27 billion target; the actual amount achieved was $25 billion.


Two, foreign direct investment declined 58 per cent in FY-2015 as compared to the previous year. Dar "succeeded" in accumulating high-interest foreign borrowing, loans and by sale of bonds, which will hit the country hard at the time of repayment of huge amounts of interest and the principal amounts.


Three, even after doing all these and despite a record amount of inflow of remittances, Pakistan is still facing a $2 billion current account deficit as seen in the external balances for the first 11 months of FY-2015, the SBP report showed.


What is the way forward? The undocumented, private and hundi and hawala inflows have been growing to some extent and are expected to go up further. But the fact also is that some of such inflows are turning to the official channels as easier, low-cost and faster banking facilities are now available. The easy inflow trend started in August 2009 when the SBP, the Ministry of Finance and the Ministry of Overseas Pakistanis had launched the Pakistan Remittances Initiative.


Bankers and forex-market analysts project that FY-2016 will see "the officially-recorded remittances to rise to $20 billion".


Views expressed by the writer are his own and do not reflect the newspaper's policy.

Record Pak remittances to shore up national economy - Khaleej Times

 

[Jahanzib]

CDWP clears Rs48bn projects for Ecnec approval

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved Rs128 million project and recommended three other projects of Rs48 billion to the Executive Committee of the National Economic Council (Ecnec).

The CDWP meeting, chaired by Federal Minister for Planning, Development and Reform Ahsan Iqbal, discussed six public sector development projects

The meeting referred two energy projects to Ecnec, including the import of electricity from Central Asia under the CASA-1000 project and establishment of a coal-based power plant in Karachi.

The CASA-1000 project is to bring electricity from Tajikistan through 500KV high density transmission system to Pakistan.

The CASA-1000 interconnection will transmit 1,300MW of surplus electricity from existing hydro-power resources in the Central Asian countries (Tajikistan and Kyrgyzstan) through Afghanistan to Pakistan.

The total distance of transmission line is 1,200km. Out of the 1,300MW of power being exported, 1,000MW will be supplied to Pakistan while 300MW will be supplied to Afghanistan.

The project costs Rs31.85bn and PSDP allocation of 2014-15 is Rs4,000 million. It will be completed within three and a half years.

The project was approved by the board of World Bank in March 2014.

The other energy project referred to Ecnec was establishment of 1,320MW imported coal-based power plant at Bin Qasim near Karachi.

The project envisages transportation of power produced at the plant to upcountry load centres by construction of 500KV transmission line of 180km from the proposed plant at Bin Qasim to Matiari.

The project costs Rs13.66bn and the PSDP allocation for 2014-15 is Rs200 million. It is scheduled to be completed in four years.

A health related project on the Expanded Programme on Immunisation was also referred to the Ecnec.

The CDWP also approved a Rs128m foreign funded project on water and livelihood.

The project will be executed by the Ministry of National Food Security and Research and relates to glacier and snow pack dependent river basins of the Himalaya and Hindukush Region.

On the occasion, the federal minister said that development projects reflect government’s priority to energy sector through knowledge initiative.

 

[ghazi52]

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[salman77]

Tajikistan, Pakistan to develop trade and economic coop

Tajikistan and Pakistan are keen to increase the trade turnover between the two countries, said the Tajik's Chamber of Commerce and Industry.

The trade and economic development between the two countries was discussed during the meeting of Head of Tajik's Chamber of Commerce and Industry Sharif Said with Pakistan ambassador designated to Tajikistan Iqbal Soomro on September 3, reported Review.uz.

Tajikistan interests in strengthening cooperation with Pakistan as it has very favorable location, facilitating profitable trade and economic cooperation with the states of the Central Asia.

For example, the distance between Islamabad and some cities in Central Asia is less than the distance between the Islamabad and Karachi cities (Pakistan).

The distance from Islamabad to Karachi is 1,142 kilometers or 709 miles, while the distance from Islamabad to Dushanbe is 659 kilometers, to Tashkent-906 kilometers, and to Almaty-1,040 kilometers.

Tajikistan is one of the main trade and economic partner for Pakistan with total amount of trade turnover between them amounting to about $41 million over the first half-year, according to the Tajik's State Statistics Committee.

This figure decreased by 17.3 percent as compared with the same period of previous year.

Only supplies of Pakistani products to Tajikistan over the six months of the current year amount to $27 million of the total volume of trade turnover between the two countries.

Following the meeting, the sides stressed the great importance of exhibition of Pakistani products of the Rawalpindi city and business forum with participation the business circles of the two countries scheduled for October, 2015 in Dushanbe.

These exhibitions, meeting and other events provide the favorable conditions for further development of bilateral relations between Tajikistan and Pakistan.

These both countries also participate in electric power line project CASA-1000 scheduled to launch in 2018, which will supply electricity from Kyrgyzstan and Tajikistan to Afghanistan and Pakistan.

Tajikistan, with the world's largest environmentally friendly and inexpensive electric power, can help Pakistan to meet its demand for energy in the summer time.

Tajikistan has 527 billion kWh of electricity reserves per year, which exceed by thrice the current demand of the Central Asian region for electricity.

Tajikistan plans to export 3 billion kWh under the CASA-1000 project can stimulate the interregional cooperation between the countries of Central and South Asia, as well as provide the rational use of natural resources.

Tajikistan, Pakistan to develop trade and economic coop - AzerNews

 

[salman77]

Jordan interested in importing 400,000 tons wheat from Pakistan

ISLAMABAD: In yet another opportunity to dispose of the country’s surplus wheat, the Jordanian government has expressed an interest in purchasing 400,000 tons from Pakistan.

“The Jordanian government has contacted us, expressing interest in importing 400,000 tons of wheat from Punjab and we have referred the case to the provincial government to make necessary arrangements,” said an officer in the Ministry of Commerce while talking to The Express Tribune.

“The provincial government has also expressed its willingness to export wheat to Jordan as it has around 500,000 tons as surplus.”

The Ministry of National Food Security and Research will prepare a summary to be forwarded to the Economic Coordination Committee (ECC) for approval.

An officer in the Ministry of National Food Security and Research also confirmed Jordan’s interest in importing wheat from Punjab.

“The ministry is taking all steps to dispose of the entire surplus wheat stock before arrival of the next crop as the provincial governments have almost exhausted the entire storage capacity in their stores,” he said.

Pakistan’s major agriculture produce includes wheat, rice and sugarcane. Amid falling prices, the country has been stuck with surplus stocks.

“There was another good opportunity to export 500,000 tons of wheat to Afghanistan through a private exporter, but the ECC did not approve the summary,” said the officer.

“This proposal, however, is likely to get approval since the demand has come directly from the Jordan government, rather than a private exporter,” he said.

Jordan interested in importing 400,000 tons - The Express Tribune

 

[black-hawk_101]

When the Govt. is privatizing the water and power sector along with transportation of Pakistan?

 

[salman77]

Turkish companies to explore Pakistan for investment, joint ventures

Turkey considers Pakistan an important country and many Turkish companies have shown interest to visit Pakistan to explore opportunities of business collaboration, joint ventures and investment, observed Ferhat KAVAKLI, newly appointed Commercial Counsellor of Turkey to Pakistan during his visit to Islamabad Chamber of Commerce and Industry.

He said Turkey was already cooperating with Pakistan in waste management, transportation and education sectors while there were good prospects for mutual collaboration, especially in food and other sectors between the two countries.
He said after the elections in Turkey in November this year, many Turkish companies were interested to enhance their presence in Pakistan.
He assured that Commercial Council of Turkish Embassy in Pakistan would play its role in promoting connectivity between the private sectors of Pakistan and Turkey to explore new avenues of bilateral cooperation.

In his welcome address, Muzzail Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Turkey enjoyed good historic relations, however, bilateral trade of less than US$ 1 billion was far less than the real potential of both countries.

He said Turkey has imposed high tariffs on Pakistani fabrics and carpets along with strict safeguard measures due to which Pakistani exporters were facing problems in promoting exports to Turkey.
He said Turkey should revise high duties on Pakistani products that will help in promoting bilateral trade.
He said during the visit of Prime Minister of Turkey Mr.
Ahmet Davutoglu to Pakistan in February this year, both sides had agreed to sign a free trade agreement to take bilateral trade up to US$ 10 billion in coming years, which were encouraging signs.
However, he stressed that both governments should take practical steps to materialize these targets.

He said frequent exchange of trade delegations and organizing single country exhibitions were the way forward to tap all untapped areas of mutual cooperation between Pakistan and Turkey.
He assured that ICCI would fully cooperate with Turkish Embassy to develop strong business linkages between the entrepreneurs of both countries.

Turkish companies to explore Pakistan for investment, joint ventures

 

[black-hawk_101]

I think Turkey should invest in Northern Karachi and also in Hyderabad and Thatta to make it a modern city and an Off Shore port that would be made by filling land in the sea of Thatta.

 

[Introvert]

Pakistan-Korea FTA likely to be finalised by 2017

KARACHI: A free trade agreement (FTA) between Pakistan and Korea is likely to be finalised by 2017, said a Korean diplomat.


“I heard that FTA negotiation has started…the agreement may be finalised within one and a half year,” said Kim Donggi, Consul General, Embassy of the Republic of Korea, talking to journalists during a dinner late on Friday at his residence.

“The FTA will increase the bilateral trade between the two countries from the present level.”

Donggi said Pakistan has a very small share in the Korea’s annual total trade volume of $1.1 trillion.

The bilateral trade stands at around $1.7 billion with Pakistan’s exports to Korea estimated at $402 million.

To a question, he said cooperation can be increased in many areas, including information and communication technology.

“The total investment by Korea in Pakistan is about $400 million,” the envoy said.

“However, there remains much room to further our relationship, especially considering the great potential our two countries possess. In this context I hope that relationship between the two countries will rapidly broaden in near future.”

The diplomat is concerned about the security challenges in the country.

“My office is tirelessly trying to protect safety of Korean people living in Karachi and promote economic and cultural exchanges with Pakistan,” he said. “That is our mission’s important objective.” There are around 800 Koreans living in Pakistan and 12,000 Pakistanis in Korea.

 

[Ragnar]

Pakistan ranks 138 of 189 in Ease of Doing Business index: World Bank report - The Express Tribune


By Web Desk / AFP
Published: October 28, 2015
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WASHINGTON: Pakistan’s global ranking has slipped 10 ranks in a report on ease of doing business owing to poor performance on almost all indicators, while Singapore remains on top of the list.

A World Bank report published on Tuesday ranked Pakistan 138 of 189 economies, dropping 10 ranks from last year’s 128.

The “Doing Business 2016: Measuring Regulatory Quality and Efficiency” report, now in its 13th year, looks at the regulatory environment for small and medium-sized companies to see how it hampers or helps them conduct business, from starting up and paying taxes to registering property and trading across borders.

July-September: Pakistan misses IMF trade projections

The country’s biggest drop was on the trading across borders indicator, which slipped from 108 all the way to 19.

On the getting electricity indicator, Pakistan slipped from 146 last year to 157. The report also noted that businesses in Pakistan estimated losses due to power outages at up to 34% of annual revenue.

While Pakistan kept slipping on the ladder, its eastern neighbour India has improved its ranking, moving 12 places up to rank 130 on the index.

Indicators showing Pakistan’s economic performance. SOURCE: WORLD BANK DOING BUSINESS 2016 REPORT

“For any big economy, a rank improvement of 12 is a remarkable achievement. Going from 142 in the world to 130, as India has done, is very good sign. It gives a good signal about the way things are moving in India,” World Bank’s Chief Economist and Senior Vice President Kaushik Basu told PTI in an interview.

The International Monetary Fund said in a report early in October that India was poised for the fastest growth of any other emerging-market economy this year, at 7.3%, thanks in part to policy reforms.

PHOTO: AFP



Singapore at the top

Singapore remains the easiest place to do business, while developing countries have stepped up their pace of business-friendly reforms in the past year, according to the report.

There were barely any changes in the report’s top 10, according to adjusted data using this year’s criteria for both the 2015 and 2016 rankings.

New Zealand remained in the number-two position, followed by Denmark (3), South Korea (4), Hong Kong (5), Britain (6) and the United States (7). Sweden moved up a notch to number eight, switching places with Norway. Finland kept its 10th place.

“A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation,” said Basu.

“The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises.”

By surveying and ranking economies, the 188-nation development lender hopes that its “report card” will encourage regulation that contributes to economic growth and prosperity for people.

Progress was tilted to the downside among the five emerging-market powers known as the BRICS: Brazil, Russia, India, China and South Africa.

China, the world’s second-largest economy, slipped one notch to 84th place. Brazil fell to 116th from 111th and South Africa dropped four notches to 73rd.

But Russia, struggling with an economy hit by the plunge in oil prices and Western sanctions over the Ukraine conflict, moved up in the ranks, to 51 from 54.

Of the 189 economies surveyed through June 1, the World Bank found improvements in regulatory frameworks in 122 of them.

Among developing economies, 85 implemented 169 reforms during the past year, compared with 154 reforms the previous year.

Adding the 62 reforms undertaken by high-income economies, a total of 231 reforms were implemented, the report said. Sub-Saharan Africa accounted for about 30% of the reforms, followed closely by Europe and Central Asia.

The World Bank highlighted the world’s top 10 “improvers” — economies that implemented at least three reforms during the past year and moved up the rankings scale: Costa Rica (58), Uganda (122), Kenya (108), Cyprus (47), Mauritania (168), Uzbekistan (87), Kazakhstan (41), Jamaica (64), Senegal (153), and Benin (158).

Eritrea held on to the worst ranking for businesses. The bottom 10 economies were largely in Africa, with the exceptions of Haiti (182) and Venezuela (186).

 

[Bilal9]

^^^^

World Bank Report courtesy of -

Kaushik Basu, Senior Vice President and Chief Economist, World Bank

Another Kolikata Bajrangi Ghoti appointed at a high position at the World Bank (the dark side) - which is a Zionist Neocon organization no one gives two hoots about.

Sanghis and Zionists united in their propaganda against the good and the pure (China/Pakistan)

Nice try & Epic Fail....Next!!!!!!!