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Adviser for prioritising regulatory reforms to benefit businesses

Business

April 9, 2021

ISLAMABAD: Adviser to the Prime Minister on Institutional Reforms and Austerity Ishrat Husain underscored need of a strategy that prioritises identification of high impact regulations that will have visible benefits for the business community.

Husain was addressing the fifth steering committee meeting on Pakistan Regulatory Modernization Initiative (PRMI) to review progress on implementation of regulatory reforms by provinces and review of regulatory guillotine activity.

Adviser to the PM on Commerce and Investment expressed satisfaction with performance of stakeholders and recommended a reservoir of implemented reforms should be formulated.

The committee expressed resolve to expedite the ongoing regulatory journey.

Board of Investment (BOI) Additional Secretary Mukarram Jah Ansari apprised the forum on the status of regulatory mapping which as of now stands at 1,400 regulations. Mapping is an ongoing exercise and a repository of the mapped regulations is available on PRMI website.

As for the regulatory guillotine, Ansari said BOI has formally started its implementation parallel to PRMI. BOI with the help of the private sector has identified over 200 issues being faced by business fraternity at federal and provincial level. The vetting of the shared issues has been initiated with meetings of the constituted working groups and multiple proposals for resolution of the highlighted concerns have been approved.

Provincial representatives of Khyber Pakhtunkhwa, Sindh, Punjab and Balochistan shared progress review of their respective provinces pertaining to implementation of reforms initiatives and timelines. The various implemented reforms are geared towards offering respite to the business fraternity which will also promote private sector development and market led economy. Ansari said multiple consultation sessions have been held with public, private sector and international development partners for review in terms of changes and improvements. The Steering Committee has approved the PRMI strategy document for publication and dissemination among all stakeholders.

BOI Chairman Atif Bokhari also acknowledged the efforts of the stakeholders and reaffirmed federal and provincial governments’ commitment to improve the business climate of the country through continued regulatory reforms. BOI in consultation with all stakeholders is focusing on the business related issues and challenges following supply and demand side approaches, he said.

The government formed a PRMI steering committee ease regulatory framework for businesses. The committee comprises secretary commerce, chief secretaries, Federal Board of Revenue, Board of Investment, Securities and Commission of Pakistan chairmen, presidents of Federation of Pakistan Chamber of Commerce and Industry and chambers from Lahore, Karachi and Faisalabad and Pakistan Business Council. An official document said business firms in Pakistan face challenge of complying with complex multi-tiered, costly, paper-based, inefficient and un-coordinated regulatory regime with over 40 regulatory agencies.