2  The SAARC Council of Ministers meeting held in Islamabad during January 2-3, 2004, desired that the SAARCFINANCE should prepare a concept paper on the proposed South Asian Economic Union and a South Asian Development Bank.
3  The Asian Bond Fund is basically an arrangement for pooling of a portion of foreign exchange reserves of few East Asia and Pacific countries and the Fund portfolio is invested in the liquid US dollar denominated bonds of major Asian economies. 3/4  region, it has also contributed to closer regional economic and financial integration and co-operation.