FE Report

Finance Minister Abul Maal Abdul Muhith has expressed the optimism that normal economic growth of the SAARC countries would bounce bank very soon, successfully overcoming the brunt of the global economic recession.

"The economic indicators of the South Asian Federation of Accountants (SAFA) member countries have been showing a sign of strong resilience in the face of tremendous pressure of the global recession," he said.

The minister was speaking at the award giving ceremony of the SAFA Best Published Accounts and Corporate Governance Disclosures Award 2008 as the chief guest Thursday night. The event was organised by the South Asian Federation of Accountants (SAFA), an apex body of accountants of SAARC countries.

The award giving ceremony was held at the Banganbandhu International Conference Centre (BICC) under the joint sponsorship of the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

A total of 35 corporate houses from South Asian countries received the SAFA Best Presented Accounts and Corporate Governance Disclosures Awards 2008 while another 35 business entities from across the SAARC countries were awarded Merit Certificates of the SAFA BPA and CG Disclosures Awards 2008 under seven categories on the occasion.

Praising the contributions of the SAFA members to shaping the economic development in the region, Mr Muhith said "SAFA member bodies have made great contributions particularly to the area of transparent financial reporting of the entities."