Charter of the Economy • Due process is respected in administrative proceedings. • The Government does not expropriate without lawful process and adequate compensation. The performance of Pakistan is relatively poor. It is given an overall low score in Regulatory Enforcement of 0.39 out of a maximum of 1 and ranked 115th out of 128 countries. The specific ranking and score in each aspect of regulation is given below in Chart 4.2. It may be noted that while the scores are generally low, the rating in the respect for due processes is exceptionally low. Therefore, there is a particular need to ensure that the regulatory function is performed in an objective, systematic and transparent manner. Chart 4.2: Pakistan’s Score in Different Regulatory Functions • Effective Regulatory 0.41 Enforcement • No Improper Influence 0.49 • No Unreasonable Delay 0.38 • Respect for Due Process 0.18 • No Expropriation Without Due Compensation 0.51 Minimum= 0 Maximum= 1 4.3. Annual Reports of Regulatory Agencies Each regulatory agency is expected to prepare an Annual Report highlighting its performance in discharging the functions attached to it. There is the problem currently that the Annual Reports are not formally submitted to the Council of Common Interests(CCI), which has been given the task of monitoring and guiding the overall performance of the regulatory function in the country under Article 153 of the Constitution. A summary and an assessment are made below of the latest Annual Reports for 2020 by four out of the nine regulatory agencies. These four agencies are rated as performing more important functions. State Bank of Pakistan(SBP) The Annual Report of 2020 highlights the substantial role played by the Central Bank through special financing packages to counter the large negative effects of COVID-19. There is a need to recognize these extraordinary efforts of the SBP. By now, almost Rs 2300 billion has been routed through the various financing packages. The SBP also highlights the massive cut in the policy rate from 13.25 percent to 7 percent after COVID-19. The report mentions efforts at building econometric models for forecasting, launching of perception surveys, ending the process of debt monetization and the effective resort to a market-based exchange rate. Other steps undertaken include facilitating flow of home remittances, improving ease of doing business and implementing the FATF Action Plan. 36