KATHMANDU: The seventh meeting of the SAARC Finance Ministers will take place in Kathmandu on August 20, during which the ministers are expected to discuss issues of common concern on socio-economic development.

In a press conference organised by Finance Ministry, Finance Secretary Suman Prasad Sharma informed that ministers will discuss issues related to economic development in the meeting to be held at Hotel Soaltee.

Prime Minister Sushil Koirala will inaugurate the meeting which will be chaired by Finance Minister Dr Ram Sharan Mahat, Sharma said.

Secretary Sharma expressed the belief that the meeting would convey a message to the international community that Nepal is capable for holding international meetings in the aftermath of the earthquake.

The agendas of the meeting include discussion on cooperation in financial sector among the SAARC member states, review of progress in the implementation of the recommendations of the sixth meeting, preparation of a proposal to allow for greater flow of financial capital and intra-regional long-term investment and SAARC's finance.

The meeting will also deliberate on establishing currency swap arrangements and trading in local currencies of the member states, matters related to SAARC Development Fund (SDF), drafting of SAARC Agreement on Promotion of Investments, and the matters related to establishment of SAARC Development Bank and the progress of SAARC Finance Ministers' informal meetings held earlier.

Finance Secretary said if the SAARC member countries could agree on a common stand on the currency it would help facilitate easy trade in the region and benefit the members.

He added that preparations for the meeting had completed and that the Finance Ministry, Ministry for Information and Communications, and Home Ministry had coordinated for the same.

The meeting is the biggest international event in Nepal following the 18th SAARC Summit and the International Conference on Nepal's Reconstruction.

The SAARC Finance Ministers Meeting will be preceded by the Seventh SAARC Finance Secretaries Meeting on August 19, 2015 which will be led by Secretary Sharma. The SAARC Finance Secretaries will make necessary recommendations for decision by the SAARC Finance Ministers Meeting. The sixth SAARC Finance Ministers meeting was held in Colombo, Sri Lanka in August, 2013.

Finance Minister Dr Mahat is to lead the Nepali delegation which includes National Planning Commission Vice Chairman Dr Govinda Pokharel, Nepal Rastra Bank Governor Dr Chiranjivi Nepal, Finance Secretary Suman Sharma, Foreign Secretary Shanker Bairagi, and top officials from the Office of the Prime Minister and Council of Ministers and Ministry of Commerce and Industry among others.