KUALA LUMPUR (Oct 25): The World Bank said today Malaysia should make it easier to get credit, enforce contracts and resolve insolvency to increase the ease of doing business in the country.

World Bank analyst Viktoriya Ereshchenko said that to improve the ease for businesses to obtain credit, Malaysia could look into the creation of an integrated legal framework for secured transactions.

On contract enforcement, Ereshchenko said Malaysia is still ranked lower versus other Organisation for Economic Co-operation and Development (OECD) countries in terms of time and cost to enforce a contract through courts. 

She was speaking here today at a press briefing in conjunction with the  launch of the World Bank's Doing Business 2020 report, which focuses on the ease of doing business among global economies.

Yesterday, Bernama, quoting Malaysia's International Trade and Industry Ministry, reported that the Doing Business 2020 Report ranked Malaysia at the 12th position among 190 economies, a further improvement from the 15th spot the previous year.

"Minister Datuk Darell Leiking said the improved ranking was due to the public and private sector members’ collaboration and commitment within the technical working groups under the Special Task Force to Facilitate Business (PEMUDAH) to improve the ease-of-doing-business environment," Bernama reported.