New Delhi: The World Bank Group has decided to stop the publications of business reports on state investment bonds that follow allegations of irregularities.
The decision was taken after the data probe of irregularities allegedly due to pressure by several top bank officials to increase China’s ranking in 2017 was revealed.
“After reviewing all available information for the current ‘doing business’, including the findings of previous reviews, audits, and bank reports released today on behalf of the executive directors, the World Bank Group Management has made a decision to be stopped.
Business reports that do, “The World Bank Group said in a statement on Thursday.
This group remains strong committed to advancing the role of the private sector in development and providing support to the government to design this supportive regulation environment, he said.
“In the future, we will work on a new approach to assessing the business and investment climate.
We are very grateful for the efforts of many staff members who have worked diligently to advance the agenda of the business climate, and we hope to use them energy and abilities in new ways,” he said.
Observing that the trust in the research of the World Bank Group is very important, he said, the research of the World Bank Group informs the actions of policy makers, helping countries make better decisions, and allow stakeholders to measure economic and social improvements more accurately.
Such research has also become a valuable tool for the private sector, civil society, academics, journalists, and others, expanding understanding of global problems, he said.
After data deviations in conducting business 2018 and 2020 are reported internally in June 2020, he said, the management of the World Bank paused the next business report and initiated a series of reviews and methodologies.
In addition, because the internal report raised ethical problems, including the behavior of former council officials and staff today and / or former banks, management reported the allegations to the bank’s internal accountability mechanism, he said.
According to the ‘Doing Business’ 2020 report, India has surged 14 places to 63rd about ease of ranking business.
India has increased its ranking by 79 positions in five years (2014-19).