ISLAMABAD: Careta­ker Prime Minister Anw­aar­ul Haq Kakar on Friday expressed the hope for the resolution of issues impeding the revival of the eight-member South Asian Asso­ciation for Regional Coo­pe­ration (Saarc) .

In his greetings message on the 39th SAARC Charter Day, PM Kakar said, “I would like to take the opportunity to reiterate Pakistan’s commitment to the Saarc process. I am confident that the current hindrances to the Organis­ation’s smooth functioning will be removed, thus enabling the Saarc member states to forge ahead on the path of mutually beneficial regio­nal cooperation.”

Saarc has faced significant challenges in recent years, particularly regarding the hosting of its summits. The core issue stems from escalating tensions between two of its major members, India and Pakistan.

The 19th Saarc summit, initially scheduled to be hosted by Pakistan in November 2016, was indefinitely postponed due to India’s withdrawal, supported by Bangladesh, Bhutan, and Afghanistan. In January 2022, Pakistan offered to host the summit again, proposing a virtual option for India’s participation if it was unwilling to attend in Islamabad. However, India, reiterating its previous allegations of terrorism against Pakistan, rejected the offer.

Kakar says bloc has potential to transform over two billion lives

Mr Kakar stressed the importance of the Saarc Charter, highlighting its role in reminding South Asian leaders of the profound responsibility entr­usted to them by their citizens.

“Undoubtedly, Saarc has the immense potential to provide a sound framework to transform the lives of over two billion people residing in the South Asian region.”

Documentation of economy

Meanwhile, Mr Kakar in a meeting with members of the Pakistan Stock Exchange and heads of leading companies on Friday said the government was ensuring the implementation of its institutional reforms agenda besides taking practical steps for documentation of the economy, adds APP.

He said the facilitation of the business community and investors was among top priorities of the government.

In the meeting, the Pakistan Stock Exchange CEO thanked the premier for his visit and gave a detailed briefing regarding the PSX.

Mr Kakar was informed that over the last few months, the confidence of the investors and the business community had increased, which also led to a boom in the business as well as the stock exchange.

Meanwhile, the PM said the investors had regained confidence after the successful signing of a standby agreement with IMF, the execution of the annual budget 2023-24 and improvement in the fiscal and external accounts.

Addressing a ceremony marking the first auction of the Government Ijarah Sukuk bonds issued by the PSX, he said stock exchange was a dynamic force that resonated with the aspirations of business and progress.

The premier, who later rang the traditional gong, added that it not only herald market transactions, but was also a symphony of progress and prosperity.

Published in Dawn, December 9th, 2023