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PublicationCreating Markets in Pakistan: Bolstering the Private Sector(International Finance Corporation, Washington, DC, 2021-05) International Finance Corporation; World BankThis Country Private Sector Diagnostic (CPSD) analyzes and synthesizes cross-cutting and sectoral impediments to private sector development in Pakistan. It also proposes a policy reform agenda that would be transformational for the growth and competitiveness of the private sector. It complements the World Bank’s Systematic Country Diagnostic (SCD, 2020) and aims to contribute to the national dialogue by focusing specifically on private sector issues. The Pakistan@100 body of work is the base and it draws on recent thematic World Bank reports and consultations with business leaders and public officials. Technical solutions to Pakistan’s institutional constraints and policy distortions are readily available, but the implementation of these solutions requires committed political leadership. This has proven hard to muster in Pakistan’s young and noisy democracy. Successive administrations have been humbled by vocal public opposition or internal resistance to change influenced by special interest groups. Maintaining political stability has been challenging with frequent transfers of power between civilian and military administrations. The devolution of powers to the provinces and local governments has resulted in an institutional footprint with sometimes overlapping or unclear mandates that give rise to uncertainty for businesses. The question is therefore what it would take for Pakistan’s policymakers—and its elites and informal decision makers—to step up to address the multitude of issues as Pakistan falls behind its peers. Or, in other words, what would enable the government to break the economy’s many sub-optimal equilibria. PublicationIslamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations(Washington, DC, 2014-03) World BankThe diagnostic review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework in four segments of the financial sector: banking, microfinance, securities, and insurance. The review took place in response to a request for World Bank technical assistance in the field of financial consumer protection made by Pakistan's Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP). The review consists of two volumes. Volume one summarize the key findings and recommendations of the review and Volume two presents a detailed assessment of each financial segment compared against the good practices for financial consumer protection. The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one. PublicationPakistan Labor Market Study : Regulation, Job Creation, and Skills Formation in the Manufacturing Sector(Washington, DC, 2006-09) World BankIn an effort to improve employment outcomes and industrial productivity, the Government of Pakistan (GoP) has launched a dual-track reform process involving broad-based overhaul of labor laws and institutions, and expansion and reform of the Vocational and Technical Training (VTT) system. Labor market regulation and laws are useful economic and social institutions designed to protect workers from undesirable consequences of market failure such as arbitrary or discriminatory actions by employers. They also help stabilize employment and household incomes against aggregate business cycles and shocks. Labor regulation is also an important element of society's instruments for the provision of social security and the maintenance of health, safety, and environmental standards in economic activities. Labor regulation in Pakistan is excessive by international standards, as can be seen from data on a number of indicators of labor market flexibility. All things considered, Pakistani industry and workers will seem to be better off with a more flexible labor market. The report analyzes the existing labor laws and institutions, along with the new draft laws, from this point of view. It also provides a review of the current VTT system and changes for it.