COLOMBO, Mar 1 (Xinhua): Foreign ministers from the SAARC ( South Asian Association for Regional Cooperation) countries said here yesterday that it is imperative to address the global and regional economic crisis in a holistic manner.
The foreign ministers said in the SAARC Ministerial Statement on Global Economic Crisis that the global economic crisis also affects the SAARC region, and "fundamental structural imbalances have perpetuated economic inequity and retarded growth."
The statement said special stimulus packages are needed for developing countries to cushion the impact of the crisis, while deepening and broadening regional and sub- regional economic links in the Asia Pacific and other regions is a necessity.
It also called for the development of mechanisms to create bilateral arrangements in the region to address short term liquidity difficulties and to supplement international financing arrangements.
"Global initiatives to protect the interests of developing economies can include a moratorium on the repayment of debt to multilateral agencies including the World Bank, the Asian Development Bank, as well as to development partners," the statement added.
The statement was issued at the conclusion of the two-day 31st session of the SAARC Council of Ministers.
The Council of Ministers, consisting of foreign ministers of the eight member countries (India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives, Bhutan and Afghanistan), meets at least twice a year to formulate policies, to review progress of cooperation, take decisions on new areas of cooperation, and establish additional mechanisms in line with the objectives and the goals of the SAARC.
Established in 1985, the SAARC is an economic and political organization of eight countries in South Asia with a total population of 1.5 billion.
