August 4: Bhutan proposed to host the institution of the SAARC Development Fund. The Prime Minister Lyonchen Jigmi Y. Thinley said Bhutan is ready to shoulder the responsibility as a host country to institute the SAARC development Fund. Lyonchen Jigmi Y. Thinley was speaking at the inaugural session of the 15th SAARC summit in Colombo, Sri Lanka.

As the regional heads took turns to address the opening session, most of them spoke about their commitment to combat terrorism and crime in the region.

The Prime Minister Lyonchen Jigmi Y. Thinley said the recent acts of terrors in the region continue to haunt the people which he said needs to be acted upon. He said Bhutan too has been afflicted by this scourge over the last few years and had to grapple with a series of terrorist activities. He said the region must act decisively to send a message to the perpetrators and supporters of terrorism alike that the region is united to combat terrorism and eradicate this social evil.

Lyonchen Jigmi Y. Thinley said Bhutan is ready to host the institution of the SAARC Development Fund. He said the initiative to establish the fund would help implement regional and sub-regional projects to bring about tangible benefits to the people at the grassroots.

He also welcomed the establishment of the SAARC Food Bank. Lyonchen Jigmi Y. Thinley said the initiative is meaningful and timely as the world is experiencing escalating oil and food prices.

According to statistics, the world has witnessed a rise of about 54% in the prices of food items in the past one year alone while oil prices have risen by almost 300% in the last four years.

Continuing his address at the inaugural session, the Prime Minister Lyonchen Jigmi Y. Thinley said this year's summit assumes greater significance as it is for the first time Bhutan is participating as a full fledged democratic country.

Among other issues, the Prime Minister reiterated Bhutan's cooperation in addressing the consequences of climate change. Lyonchen Jigmi Y. Thinley also pledged Bhutan's commitment towards SAARC a powerful and effective mechanism for the realization of the dreams of the people of South Asia.


Heads of states from member countries and international observers including China and Japan are attending the summit. Mauritius is new on the list of international observers to the SAARC body.