South Asian ministers gather in Nepal to discuss regional economy

The finance ministers of the South Asian Association for Regional Cooperation (SAARC) countries are holding a one-day meeting here on Thursday to discuss regional economy.

Nepalese Prime Minister Sushil Koirala, in his opening remarks, stressed the importance of collective efforts for the economic security of the region, saying, "We must bring all positive factors and create a synergy in favor of enhanced cooperation for peace, stability and development in the region."

The meeting will cover issues relating to greater flow of financial capital, intra-regional long-term investment, currency swap and use of SAARC Development Fund, among others.

However, the ministers are less likely to reach a common agreement on much-hyped establishment of SAARC Development Bank.

Nepalese Finance Minister Dr Ram Sharan Mahat said this meeting is a milestone in bolstering peace and prosperity within South Asia.

"We expect to enter a new era of economic transformation for which economic growth across South Asia will provide an impetus," Mahat said.

Nepal had hosted the 18th SAARC summit on November 26 and 27 in its capital Kathmandu.