WASHINGTON, Oct 31 (KUNA) -- Governments across the globe have set a new record in "bureaucracy busting efforts" for the domestic private sector, implementing 314 business reforms over the past year, a report from the World Bank said Wednesday.
The reforms, in 128 economies, were found to benefit small and medium enterprises as well as entrepreneurs, enabling job creation and private investment, said the report "Doing Business 2019: Training for Reform." The private sector is key to creating sustainable economic growth and ending poverty around the world," said World Bank Group President Jim Yong Kim in a statement.
"Fair, efficient, and transparent rules, which Doing Business promotes, are the bedrock of a vibrant economy and entrepreneurship environment. It's critical for governments to accelerate efforts to create the conditions for private enterprise to thrive and communities to prosper." Reforms are taking place where they are "most needed," in low-income economies carrying out 172 reforms.
"In Sub-Saharan Africa, a record number of 40 economies implemented 107 reforms, a new best in number of reforms for a third consecutive year for the region. The Middle East and North Africa (MENA) region scaled a new high with 43 reforms," it said.
In the MENA region specifically, the UAE joined the grouping for the first time, in eleventh place.
MENA "significantly accelerated the pace of reforms in the past year, with 43 reforms, compared to 29 the previous year," it said.
Kuwait was highlighted for making "starting a business easier" by eliminating the "paid-in minimum capital requirement." Additionally, "Kuwait strengthened minority investor protections by requiring an independent review of related-party transactions and clarifying ownership and control structures," it said.
This year's top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Cote d'Ivoire, Turkey and Rwanda. (end) ak.mt