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Secretary, DEA attends 12th informal meeting of SAARC finance Ministers

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 (ADB)

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 bilateral issues.


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