Islamabad, July 9 (IANS) Pakistan is hosting the first SAARC finance ministers meeting here on Monday to discuss major issues, including the setting up of a poverty alleviation fund for the South Asian region.
Finance secretaries and economic experts of the seven-member South Asian Association for Regional Cooperation (SAARC) met on Sunday to consider details of the fund for which the member countries would be making contributions.
Prime Minister Shaukat Aziz will open the meeting that will be attended by ministers from the member nations and Secretary General SAARC Secretariat Chenkyab Dorji.
India's Minister of State for Finance Pawan Kumar Bansal, Bangladesh State Minister for Finance and Planning Shah Muhammad Abdul Hussain, Sri Lankan Minister of Public Administration and Home Affairs Sarath Amunugama, Nepal's Special Economic Adviser Basudev Dahal; Bhutan Finance Minister Lyonpo Wangdi Norbu, Maldives state minister of finance and treasury Abdul Jihad and Advisor to the Pakistan prime minister on finance Salman Shah will be attending.
The meeting will add another potent dimension to the rapidly progressing regional cooperation amongst the SAARC member states and take up the deliberations and decisions of the 13th SAARC Summit held in Dhaka in November 2005, The Nation newspaper said.
Under the Dhaka Declaration of the 13th SAARC Summit, it was decided to establish a SAARC Poverty Alleviation Fund (SPAF) with voluntary and assessed contributions.
The fund will serve as the umbrella financial institution for all SAARC projects and programmes.
With its own permanent secretariat, the fund would offer concessional and non-concessional funds as well as grants on three spheres - social, economic and infrastructure.
The first informal meeting of SAARC finance ministers was held in Hyderabad, India, on May 3 on the sidelines of the 39th annual meeting of the Asian Development Bank, in which all the member states participated.
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