NEW DELHI, Sept 15: The member countries of the South Asian Association for Regional Cooperation (Saarc) have agreed to expedite efforts to make the regional Development Fund operational through urgent finalisation of its agreement.

This was stated by Indian Finance Minister P. Chidambaram while addressing a press conference here on Saturday on the conclusion of the Saarc finance ministers meeting.

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.

Dr. Salman Shah, Adviser to Prime Minister on Finance and Economic Affairs, represented Pakistan at the meeting.

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 harmonisation 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 finalise 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 the member states reviewed the progress made in Saarc region since the first meeting of the finance ministers held in Islamabad in July 2006.—APP