Tajikistan chaired the 4th Meeting of Finance Ministers and Chairmen of Central (National) Banks of the Shanghai Cooperation Organization (SCO) member states.

According to the SCO Secretariat, at the meeting, the parties exchanged views on the establishment and functioning of the Development Fund (Special Account) and the Organization’s Development Bank, discussed the post-COVID situation to mitigate and eliminate financial consequences in the SCO countries and agreed to deepen cooperation in the financial sphere.

SCO Secretary-General Vladimir Norov addressed the meeting. He noted the existing gap between the economic potential of the SCO and its practical implementation, in connection with which he proposed to outline specific steps to form financial institutions within the organization to implement the Development Strategy until 2025 and provide financial support for project activities throughout the SCO space.

Mr. Vladimir Norov emphasized the significant potential of the SCO Interbank Consortium and noted its work to enhance the practice of lending in national currencies, as well as work on the draft roadmap of the SCO member states to gradually increase the share of national currencies in mutual settlements.

UzA