ISLAMABAD - Emerging Markets, the newspaper of record for world's development bank meetings, has declared Minister for Finance Senator Mohammad Ishaq Dar as "Finance Minister of the year 2016 for South Asia".

The Award is a recognition of Pakistan's economic performance at the International Monetary Fund (IMF) and World Bank Annual Meeting which is one of the major gatherings of international financial and economic leaders and experts, said a statement here on Saturday.

The `Emerging Markets' dispatched an invitation letter to Ishaq Dar saying: "Your stewardship of your nation's finances has been admirable since taking over. Among the many reasons are that Pakistan has under your guidance become an increasingly important regional economy".

The finance minister was invited to attend the award ceremony to be held in Washington on Saturday personally. The statement issued by the ministry of Finance however stated that since finance minister had to cancel his visit to Washington for the annual meeting due to situation on the Line of Control, the All-Parties Conference and Joint Session of the Parliament on Kashmir situation. He has authorized Pakistan's Ambassador to the United States, Ambassador Jalil Abbas Jilani to receive the award on his behalf.