Daily Times

ISLAMABAD: Two-day South Asian Association for Regional Corporation (SAARC) Finance Ministers’ conference will begin here from August, 25.

Ministry of Finance sources told APP that government has sent invitation letters to the finance ministers of the SAARC member’s state. Finance ministers from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka are likely to attend the conference.

The official sources said that on August 25, the SAARC finance secretaries meeting would be held here prior to the conference of the finance ministers meeting. They added that agenda of the conference would be regional cooperation in financial and economic sectors among the member states.

“South Asia Free Trade Agreement (SAFTA) and SAARC financial and banking system and investment opportunities in the region would also be discussed for the socio economic prosperity in the region besides discussing ways and means for the uplift of the people of the member states,” the sources added.

They further said that the conference would also discuss and devise a mechanism for regional trade promotion. SAARC Development Fund (SDC) operations would be made more effective for the development of the region.

They said that SDC was establish in 2010 with a total capital of US $1.5 billion while its paid up capital is about US $300 million. They said that SAARC finance ministers, after the conclusion of the meeting, would also attend the SDC Council meeting jointly. The official sources said that Ministry of Finance has made all necessary arrangements for holding of the conference.