ISLAMABAD, July 11: Prime Minister Shaukat Aziz said on Tuesday Islamabad was committed to playing an active role for the objectives of the Saarc social charter and would reiterate its offer to house the permanent secretariat of the Social Development Fund (SDF).

He was addressing the inaugural session of the first meeting of finance ministers of the South Asian Association for Regional Corporation at a local hotel.

Finance ministers and financial experts from the seven members of Saarc — India, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives and Pakistan — were expected to finalize the modalities for the SDF at the concluding session on Tuesday but it was delayed and likely to be issued on Wednesday.

The fund, with its own permanent secretariat, will comprise three distinct windows – social, infrastructure and economic sectors. The three windows will offer concessional and non-concessional funds and grants to the Saarc countries and $300 million will be utilised for poverty alleviation.

The prime minister said the SDF would facilitate in advancing the journey on Millennium Development Goals for sustainable development in the region.

He emphasized the need to accelerate the pace of development and to bring a qualitative change in living standard of people of South Asia, and urged the Saarc countries to enhance bilateral economic and commercial cooperation.

Prime Minister Aziz urged the Saarc members to promote regional trade and said: “We should pool our experience and best practices and enrich our cooperation by resolving our disputes, focus our resources to development and create synergies to build mutual beneficial complementarities for progress in South Asia.”