Bishkek, February 22, 2008 – The World Bank and IFC’s Doing Business Project supports the latest effort by the Government of Kyrgyz Republic to improve its rankings in the annual Doing Business report.
The Prime Minister of Kyrgyz Republic is keen to improve the country’s ranking of 94 out of 178 economies on the ease of doing business. The Government has formally requested technical advisory services in implementing immediate reforms in four areas measured by the Doing Business report: starting a business, dealing with licenses (construction regulation), registering property, and trading across borders.
Over the longer term, the Kyrgyz Government also plans reforms to improve the business environment in the remaining six areas covered by Doing Business: paying taxes, closing a business, employing workers, getting credit, protecting investors and enforcing contracts.
“The Kyrgyz Government has a good track record of positive reforms for business. We welcome the commitment by the Government of Kyrgyz Republic to make it easier for Kyrgyzstan’s entrepreneurs to do business, and will work closely with the government to achieve its short-term and long-term reform goals,” said Simeon Djankov, lead author of Doing Business report.
In the past year, the Kyrgyz Government cut business taxes. It also passed a law aimed at reducing the frequency of business inspections by government agencies. To encourage continual feedback from the business community, the government created a new Investment Council backed by the President of the country. This week President Bakiev emphasized his request to law enforcement bodies of non-interference with inspections into economic activities of entrepreneurs. According to Country Manager Roger J. Robinson, the World Bank fully supports initiatives aimed at private sector development. “Private sector-led growth is essential for the Kyrgyz Republic in terms of achieving sustainable economic development and poverty reduction” – Robinsonsaid.
About Doing Business
Doing Business 2008 ranks 178 economies on the ease of doing business. The rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure. The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates. Since 2003, Doing Business has contributed to more than 100 reforms around the world. The Doing Business project is based on the efforts of more than 5,000 local experts – business consultants, lawyers, accountants, government officials, and leading academics around the world, who provided methodological support and review. The data, methodology, and the names of contributors are publicly available online at www.doingbusiness.org.
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