The twelfth informal meeting of
SAARC Finance Ministers was held in Manila, the capital of Philippines on
Friday on the sidelines of the 51st Annual Meeting of Asian Development Bank
The meeting attended by the
Finance Ministers/Heads of Delegations from the SAARC member states was chaired
by Finance Minister of Nepal Yuba Raj Khatiwada.
According to a press statement
issued by the SAARC Secretariat, Khatiwada underscored the need of concerted
efforts to attain the objective of South Asian Economic Union as desired by the
leaders of SAARC.
The Finance Ministers/Heads of
Delegation briefed the meeting about the current status of economic progress
achieved by their countries. They also appreciated ADB for its contribution in
economic growth of SAARC countries.
Vice President of Asian Development Bank Wencai Zhang
reaffirmed ADB’s commitment to continue collaboration with SAARC for economic
development and prosperity of the peoples in South Asia.
Shri Subhash Chandra Garg, Secretary, Department of
Economic Affairs, Ministry of Finance attended the meeting and met President of
ADB Mr. Takehiko Nakao. He requested the President to provide financial
assistance worth $ 4 billion a year for the expansion of ADB’s sovereign and
non-sovereign operations in India, adding that the Government of India had
approved the proposal of ADB to garner additional resources through INR bonds
in the offshore markets. He has highlighted the need for increased private sector
operations by ADB in India, according to an official statement.
Shri Garg also attended the Governors’ Roundtable on
role of governments in harnessing new technology for inclusive growth, and
provided India’s perspective on how to deal with changes being brought about
new technologies and automation on jobs. He also attended the 12th informal
meeting of SAARC Finance Ministers and highlighted the ongoing reforms in India
and India’s economic performance. He also stressed upon giving continued
support to SASEC initiative. He reiterated India’s support to ongoing
activities in SAARC Development Fund.
An Indian delegation headed by Secretary, Department
of Economic Affairs (DEA) is currently on a tour to Manila to attend the 51st Annual
Meeting of Asian Development Bank (ADB).
The delegation also held bilateral meetings with the
official delegations of Hong Kong and Germany and discussed a wide range of