Plan in the works to hand over Karachi port terminals to UAE for funds

Pakistan has constituted a negotiation committee to finalise a deal with the UAE for handing over its Karachi port terminals as it seeks to raise an emergency fund amid uncertainty over the revival of a stalled loan from the IMF, a report said on Tuesday.

Finance Minister Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions that decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust and the UAE government, The Express Tribune reported. 

It quoted the decision of the meeting that the negotiation committee has also been permitted to finalise 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.