INSUBCONTINENT EXCLUSIVE:
Pakistan has formed a negotiation committee to finalize a deal with the United Arab Emirates (UAE) to hand over its Karachi port terminals
in a bid to raise emergency funds.The country&s Finance Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Intergovernmental
Commercial Transactions on Monday where it was decided that a committee was needed to negotiate a commercial agreement between the Karachi
Port Trust (KPT) and the UAE government, The Express Tribune reported.The negotiation committee has also been permitted to finalize a draft
operation, maintenance, investment, and development agreement under the government-to-government arrangements with a nominated agency of the
UAE for handing over the Karachi port terminals.Last year, the coalition government enacted the Intergovernmental Commercial Transactions
Act, aimed at selling state assets on a fast-track basis to raise funds.The country is in dire need of additional money after its deal with
the International Monetary Fund (IMF) lapsed.Initially, the UAE had refused to provide loans to Pakistan and urged it to sell stakes
However, it later committed $1 billion, which is still undisbursed, the Tribune reported.The deal is expected to be finalized by the end of
this month.The post Pakistan to hand over Karachi port to UAE as it raises emergency funds first appeared on Ariana News.
