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

  • Five luxury tourist buses operate

    Five well-equipped luxury tourist buses have come into operation in a bid to attract domestic and foreign tourists. Of the five buses, four started plying around six months ago, while the rest ones from Sunday, said Dipak Bhattarai, director of the Travels Nepal Bus Service Private Limited, which has introduced the buses.

  • NT launches Wow-time apps

    NT launches Wow-time apps With the Wow-time apps into operation, Nepal Telecom's mobile phone users now can watch and listen live TV, movie and different videos and FMs through same mobile.

  • Buddha Air begins flights to Bharatpur and Bhairahawa from Pokhara

    Buddha Air begins flights to Bharatpur and Bhairahawa from Pokhara Buddha Air has started its direct flights to Bharatpur and Bhairahawa from Pokhara from Friday. The private airline company's first flight to Bharatpur took off at 10 Friday morning from Pokhara while another aircraft flew to Bhairahawa at 11:22 am, according to Buddha Air's Station Manager Gautam Baral.

  • Pakistan products expo starts

    Pakistan products expo starts The eighth edition of the Made in Pakistan Expo has opened at the Trade Center at local Tripureshwar from today. Various goods and products, especially leather goods and handicraft items are kept on display and sale in the exhibition.

  • Both innovation and copying in Apple’s luxury iPhone

    Both innovation and copying in Apple’s luxury iPhone As soon as you see the iPhone X up close, you’ll realize that it’s nothing like any of the previous models that Apple has released during the past decade.


  • Amendment of Education Act: A betrayal to capable candidates Amendment of Education Act: A betrayal to capable candidates

    Not all, but many of the temporary teachers who have been wishing to become permanent, no doubt, appointed on the basis of their political ideologies. They couldn't succeed in the examinations despite repeated attempts. They carried the bags of those parties during their teaching career.

    Manoj Sapkota

  • The Doklam dilemma The Doklam dilemma

    Being a buffer state between the two giant neighbors, Nepal should conduct its foreign policy vis-à-vis China and India in a very sensitive manner. Nepal has always maintained that it would not allow its soil to be used against any neighbor. At the same time, Nepal should make sure that its own national interests are never compromised.

    Gaurab Shumsher Thapa


  • To dogs, with love To dogs, with love

    Many find talking about basic animal rights stupid when no basic rights of people are guaranteed. However, there are still few people who are aware how humane behavior has turned toward cruelty and indifference which can be vividly seen through the way street dogs and other animals are abused around us.

    Sujita Shrestha

  • Unanswered questions on recent leftist alliance Unanswered questions on recent leftist alliance

    Although they seem to be very much communist while in opposition, whether about the 'Indian semi-colonial status' in Nepal or American hegemony, this has never been evident while they actually come into power and rule Nepal.

    Dr Chandra Sharma Poudyal

Readers Column

  • What we need to learn from Thailand?

    Thailand is a developing country. But it seemed like a developed country at first sight. It is hard to believe that Thailand is a developing country. There are big buildings, and clean and broad roads. The city is clean with no trace of pollution.

  • 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.