Sev­enth Meet­ing of SAARC Fi­nance Min­is­ters pre­ceded by the Sev­enth Meet­ing of SAARC Fi­nance Sec­re­taries

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The Sev­enth Meet­ing of the SAARC Fi­nance Min­is­ters pre­ceded by the Sev­enth Meet­ing of SAARC Fi­nance Sec­re­taries was held in Kathmandu, Nepal on 19th and 20th Au­gust, 2015 re­spec­tively. The meet­ing was in­au­gu­rated by the Prime Min­is­ter of Nepal, Mr. Sushil Koirala. The SAARC Fi­nance Min­is­ters meet­ing was fol­lowed by the Fourth Meet­ing of SAARC De­vel­op­ment Fund Gov- ern­ing Coun­cil.

The meet­ings as­sessed the progress made in the im­ple­men­ta­tion of rec­om­men­da­tions of the Sixth Meet­ing of SAARC Fi­nance Min­is­ters held on 20th Au­gust 2013 in Colombo, Sri Lanka in­clud­ing SAARC De­vel­op­ment Fund (SDF). It also dis­cussed on the co­op­er­a­tion in trade, eco­nomic and fi­nan­cial sec­tors among the SAARC mem­ber states and the way for­ward for al­low­ing greater flow of fi­nan­cial cap­i­tal and in­tra-re­gional long-term in­vest­ments.

Lam Dorji, Fi­nance Sec­re­tary led the Bhutanese del­e­ga­tion. In his state­ment, Fi­nance Sec­re­tary urged all the mem­ber states to de­velop a holis­tic and com­pre­hen­sive pack­age of ac­tion­able mea­sures by ex­plor­ing the whole range of part­ner­ship avail­able for deep­en­ing the re­gional co­op­er­a­tion. He also high­lighted the sta­tus of macro-eco­nomic de­vel­op­ments in Bhutan over the re­cent past and re­ported the sta­tus of co­op­er­a­tion in the field of fi­nan­cial sec­tor pur­sued by Bhutan un­der the aegis of SAARC.

In dis­cus­sion on es­tab­lish­ment of SAARC De­vel­op­ment Bank, the leader of Bhutanese del­e­ga­tion opined that con­sid­er­a­tion of a SAARC De­vel­op­ment Bank is pre­ma­ture at this stage since SDF is just evolv­ing and needs the sup­port and guid­ance of all mem­ber states in its jour­ney. Fol­low­ing which the mem­ber states di­rected the SDF CEO to pre­pare im­ple­men­ta­tion strate­gic plan of SDF ac­tiv­i­ties within the time frame of six months. Fur­ther, the meet­ing em­pha­sized to strengthen the ex­ist­ing so­cial win­dow of SDF and ex­pe­dite in op­er­a­tional­ing the eco­nomic and in­fra­struc­ture win­dows.

The Eighth Meet­ing of SAARC Fi­nance Min­is­ters and Fi­nance Sec­re­taries will be held in Pak­istan in 2016.

The Bhutanese del­e­ga­tion in­cluded rep­re­sen­ta­tives of Min­istry of For­eign Af­fairs and Min­istry of Fi­nance.

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