Pakistan is facing economic crisis. He is in dire need of funds at this time. However, it has got a loan of one billion dollars from China, which has given it immediate relief. Meanwhile, to raise more money he Karachi Port Terminals Wants to hand over to the United Arab Emirates (UAE). For this, it has formed a negotiation committee to finalize an agreement. He is engaged in raising emergency funds to clear the stalled loan from the IMF.
Pakistan’s Finance Minister Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions on Monday. According to media reports, it has been decided in the meeting to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government.
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The decision said that a draft would be prepared under a government-to-government arrangement with a designated agency in the UAE to hand over the Karachi port terminals. The negotiating committee has also been allowed to finalize the draft operation, maintenance, investment and development agreement. Members of the committee include Additional Secretary for Finance and External Affairs, Special Assistant to PM Jahanzeb Khan, Chairman of Karachi Port Terminal (KPT) and General Manager of KPT.
Last year UAE showed interest in Karachi port
It has been reported that the UAE had last year shown interest in acquiring Karachi Port Terminals under the administrative control of Pakistan International Container Terminals (PICT). The move to set up the committee could be the first intergovernmental transaction under a law enacted last year to raise emergency funds. Last year, Pakistan’s coalition government enacted the Inter-Governmental Commercial Transactions Act, which aims to sell off country’s assets on a fast-track basis to raise funds.
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