Sri Lanka betters Doing Business ranking

Oct 23, 2012 (LBO) – Sri Lanka has bettered its ranking to 81 from 89 in an ease of doing business ranking compiled by the World Bank and International Finance Corporation by computerizing key processes. In South Asia Maldives was ranked 95, Pakistan 107, Nepal 108, Bangladesh 129, India 132, Bhutan 138 and Afghanistan 168.

Sri Lanka ranked 33 overall in starting a business, behind Afghanistan’s 28. Sri Lanka had five steps to start a business compared to four in Afghanistan. Costs as a percentage of per capita income was also high in Sri Lanka.

Sri Lanka fared badly in dealing with construction permits with a rank of 112, compared to 19 for Maldives and 105 for Pakistan. There were also 17 procedures, compared with 8 for Maldives and 11 for Pakistan. Average time taken was 216 days.

Sri Lanka has been pushing hard to improve its ranking, led by the country’s central bank. Both the provident fund and credit information bureau are connected to the monetary authority.

Update III “Sri Lanka implemented the most regulatory reforms among the eight economies covered in South Asia, helping to create a better environment for local entrepreneurs,” the World Bank and IFC said.

“It