The World Bank Group has discontinued the World Bank Doing Business Report publication which has been published for the last 17 years.
The index ranks countries on the basis of their ease and cost of doing business based on 10 indicators.
The rankings were in August 2020 paused temporarily to allow for investigation and assessment of allegations related to irregularities.
The investigations followed a number of irregularities that had been reported regarding changes to the data in the Doing Business 2018 and Doing Business 2020 reports which had been published in October 2017 and 2019 respectively.
In a statement by the bank on September, 16, the International Finance Institution noted that management had taken the decision to discontinue the Doing Business report as it emerged there was breach of trust by the public.
The report’s findings are considered a key tool by investors, academia, journalists, and others on the state of various markets across the world.
"After reviewing all the information available to date on Doing Business, including the findings of past reviews, audits, and the report the Bank released today on behalf of the Board of Executive Directors, World Bank Group management has taken the decision to discontinue the Doing Business report,” the bank said in a statement.
Commenting on the genesis of the investigations, the bank said that following the internal reports raised on ethical matters, (including the conduct of former Board officials as well as current and former Bank staff), management had reported the allegations for appropriate internal accountability mechanisms.
However, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) has disagreed with the findings and interpretations of the Investigation of Data Irregularities.
"I disagree fundamentally with the findings and interpretations of the Investigation of Data Irregularities as it relates to my role in the World Bank’s Doing Business report of 2018. I have already had an initial briefing with the IMF’s Executive Board on this matter,” she said.
Rwanda has previously raised concern about the abrupt changes in the methodology of the ranking. For instance, in 2019, Rwanda expressed concern on adjustments made in the report that had not been communicated as is standard practice.
Among the changes made by the World Bank abruptly in the previous report was in an indicator relating to assessment of the stock market.
According to the latest ranking, for an economy to be seen as having an active stock market that protects minority investors, it has to show at least 10 companies listed and trading equities.
The abrupt uncommunicated adjustment saw Rwanda drop in position in protecting minority investors where Rwanda was placed 114 globally from 14th in the previous report.