Minister expects Jordan's ranking in "Doing Business" report 2018 to improve | Business | Ammon News

Minister expects Jordan's ranking in "Doing Business" report 2018 to improve

[10/30/2017 3:38:46 PM]

AMMONNEWS - Minister of Planning and International Cooperation Imad Fakhoury expected that Jordan's ranking in the Doing Business 2018 report, which will be announced on Tuesday, will improve due to efforts exerted to stop the decline.

Fakhoury said in a statement on Monday that the Kingdom's ranking should improve, after efforts to stop the decline in the previous two years. Jordan is ranked 118 out of 189 countries in 2017 compared to 119 in 2016.

He added that the decline of a country like Jordan is unacceptable, noting that the ministry, in order to stop the decline and move forward in 2015-2016, developed a detailed operational plan within an integrated matrix including sub-indicators.

The minister explained that these indicators are related to starting businesses, paying taxes, obtaining building permits, registering property, obtaining credit, protecting minority investors, enforcing contracts, obtaining electricity, in addition to the concerned parties, the procedures required to be taken, and the timeframe for implementation, which reflects on improving time and cost, stop the decline and start a gradual improvement, which is expected to accelerate.

In this regard, he said that a number of specialized workshops were held for each sub-index of the Doing Business Report separately in cooperation with the World Bank / International Financial Group (IFC), where the mechanisms presented in the matrix were reviewed and the procedures developed to benefit from the successful global expertise.

Fakhoury added that the Cabinet approved the necessary reform measures and is currently following up on all the decisions with the relevant authorities to provide the World Bank Group with the measures taken periodically.

The planning minister stressed that the ministry is following up on the procedures with various concerned bodies and providing the prime ministry with periodic reports on the progress of business in reforming the system in improving the index of doing business.

He added that coordination is underway with the World Bank to provide technical assistance to the relevant parties to complete the required reforms.

Fakhoury said that a key part of the implementation of these measures in the next phase will focus on the approval of the draft law on bankruptcy, and the draft law on the transfer of debt, in addition to the real estate law project, all transferred from the government to the parliament after the endorsement of the law of unification of national inspection in the session of the year 2017.

On the other hand, as part of the ongoing efforts to develop the business and investment environment, the Dovel partnership has been approved for funding the Jordanian Economic Legislation Review project, which is being implemented in cooperation with the International Finance Corporation (IFC) for a period of three years.

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