Finance ministers of SAARC countries meet

  • Get News Alerts

The 11th informal meeting of finance ministers of South Asian association for Regional Cooperation (SAARC) concluded here today laid special emphasis on economic unity (cfly{s PsLs/0f of South Asia and establishing South Asian Economic Association. 
All participants in the meeting, where finance ministers and high officials of all eight member countries were present, have the same voice that support of the multi-purpose bodies including Asian Development Bank would be indispensable to uplift the living standard of 1.70 billion people of South Asia. 
On the occasion, the finance ministers expressed happiness over some progress in the path of regional cooperation promotion for economic prosperity of South Asia and increase of economic and financial cooperation. 
They also stressed the need of mutual cooperation and collaboration in protection and promotion of investment, expansion of inter-regional investment, collaboration and partnership in service and business, end of dual tax system, trade facilitation, linking member countries via water, land and air route, increasing energy cooperation and infrastructure development. 
Giving introductory speech from the post of incumbent chairman of finance ministers of SAARC, Deputy Prime Minister and Minister for Finance, Krishna Bahadur Mahara, ran and concluded the meeting. 
Recalling that the second meeting of finance ministers of SAARC countries had taken place at Kyoto of Japan on the same day one decade ago, Finance Minister Mahara expressed gratitude to ADB for organising such meeting in side line of 50th annual meeting of the Asian Development Bank (ADB) Board of Directors. 
Finance Minister Mahara said that SAARC countries have been benefitted from the development projects run by ADB, saying poverty alleviation and economic development are objective of the ADB. 
Insisting on the need of honest implementation of programmes endorsed by the Islamabad SAARC Finance Secretaries' meeting held last year, he sought additional support from the ADB to ensure economic cooperation and development in the regional-level. 
ADB Vice President Wencai Zhang informed the meeting that projects intended for South Asia's economic development and regional integration were the top priority of the bank which was supporting the South Asian nation through the means of South Asia Subregional Economic Cooperation (SASEC). 
Pledging to provide further monetary aid to the SAARC nations, he said the goals of economic development could be achieved through mutual cooperation. 
SAARC Secretary General Amjad Hussain B Sial spoke on the essentiality of the implementation of commitment to the concepts of establishment of South Asian Economic Union, free trade zone, common market, Customs union and collective economic and financial union in the region expressed by the heads of the states and governments of member states during the 18th Kathmandu SAARC Summit. 
He took the opportunity to share the information that the SAARC sub-regional initiative on investment was expected to give a final shape to the draft of multilateral agreement on promotion and protection of investment within the SAARC prepared by India through its meeting scheduled to take place in New Delhi next month. 
Giving his concluding remarks in the meeting, chair Mahara said Nepal's abundant water resources could not be properly used and underscored the need of collective and integrated efforts to enforce the ' draft framework' on energy regional cooperation.


More News

  • Gold, silver prices down

    Gold, silver prices down The price of gold has decreased by Rs 300 a tola. According to Federation of Gold and Silver Dealers' Association, the price of yellow metal is being traded at Rs 54,700 per tola.

  • Gold, silver prices rise

    Gold, silver prices rise The price of gold has increased by Rs 100 a tola. According to Federation of Gold and Silver Dealers' Association, the precious yellow metal is being traded at Rs 54,600 per tola.

  • Gold price down by Rs 200 per tola

    Gold price down by Rs 200 per tola The gold price on Friday has decreased by Rs 200 a tola. According to Federation of Gold and Silver Dealer's Association, the precious yellow metal is being traded at Rs 54,500 per tola. Similarly, silver price has also decreased by five rupees and is being traded at Rs 750 per tola.

  • Nepal Yatayat brings 34-seater buses into operation

    Nepal Yatayat brings 34-seater buses into operation Nepal Yatayat has brought four new buses into operation in Kathmandu Valley replacing its old and small-sized buses. "Large buses have been brought into operation keeping in mind the government's policy of removing 20 years old buses and difficulty faced by standing passengers due to smaller space," said secretary at Nepal Yatayat Minibus Service Committee Gopal Chandra Gurung.

  • Gold, silver prices stable

    Gold, silver prices stable The prices of gold and silver have remained stable Friday. According to Federation of Gold and Silver Dealers' Association, the precious yellow metal is being traded at Rs 53,300 per tola.


  • Oops! Deuba does it again Oops! Deuba does it again

    Deuba and Dahal have made a mockery of the constitutional provision of impeachment as a weapon of last resort with its preemptive registration as a tactical move to stop CJ Karki from delivering justice. This will set a bad precedent and there will be more such tactical use of impeachment in the future considering how justices at the SC are being appointed in political quotas in recent times.

    Prem Dhakal

  • Challenges for reconstruction Challenges for reconstruction

    One of the major challenges faced in the reconstruction process of Nepal is the absence of elected local government. Lack of government in local level was reflected in the major pre-disaster and post-disaster events, where it took months to reach the affected region and still no widely-accepted data is available. In the absence of an elected local government, top-down approach of governance has its own accountability deficit.

    Apil KC/Keshab Sharma


  • Jhamsikhel as I knew Jhamsikhel as I knew

    Hari-ko-pasal, right at the said junction used to be the place to buy any household item ranging from food grains and other household items. There was nothing that he did not have. Most often he loved keeping his customers waiting, more so if they were younger. He kept his client engaged with jokes and tole gossip.

    Hemant Arjyal

  • Empowering local bodies Empowering local bodies

    It is common to rent a room or two based on nothing more than a verbal contract. There are two types of owners. There are many who rent legal properties informally and those who rent out illegally built ones. The rental space demand is so much that owners openly flout bylaws by building more number of floors than approved. It is difficult, as it is, to bring both type of owners within the system.

    Hemant Arjyal

Readers Column

  • Traffic Police in Kathmandu

    As busy and hassling as the traffic system in Kathmandu is, the Traffic Police here have to handle an equally strenuous job. Over 1,400 traffic officers in and around the Kathmandu Valley battle against the pestering traffic and air pollution each day.

  • Menstrual taboo outdated

    I have seen my sisters and friends isolated and treated in discriminatory manner during their first menstruation cycle. They were not allowed to look at the sun, to touch water source, flower, fruits, any male family member, nor even hear their voice. The activist may claim the situation has changed and I do agree but still during every month my loved ones turns into untouchables beings.