SAARC States Agree on Early Operationalisation of Development Fund He said this would accelerate the implementation of sub-regional projects identified under its social window. The meeting approved the recommendation of the Finance Secretaries on identifying three areas namely maternal and child health, women’s empowerment and capacity building for enhancing the quality of education for project implementation under the Fund. To facilitate institutional cooperation aimed at development of capital markets in the region, the meeting recommended establishment of an Expert Group on Development of Capital Markets in South Asia. The meeting also recommended harmonization of Securities Market regulations, facilitation of cross-border transaction on the capital side and formal agreements among regulators and Ministries of Finance of member countries. The ministers recommended that the sub-group on Investment and Arbitration be directed to finalize the agreement and submit it for the approval of the next session of the Standing Committee which will meet in December. The Inter-Governmental Group on Financial issues has been directed to develop a roadmap for achieving the South Asian Economic Union in a phased and gradual manner. The Indian minister said during the deliberations, the member states reviewed the progress made in SAARC since the first meeting of the Finance Ministers held in Islamabad in July, 2006. In keeping with the spirit of the decisions taken at the 14th SAARC Summit to move the grouping from declaratory to the implementation stage , the ministers had constructive and focused deliberations identifying special areas for cooperation in the field of finance. Source: Associated Press of Pakistan
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