Pakistan is undergoing negotiations with the United Arab Emirates (UAE) to hand over operational management of the port terminals of the city of Karachi, as Islamabad continues to seek emergency funds to pay off its debt to the International Monetary Fund (IMF). According to the Pakistani media outlets, the government yesterday constituted a committee to negotiate the finalisation of a deal to transfer control and operations of the Karachi Port terminals to the UAE, in a move which would be the first inter-governmental transaction under a law Pakistan enacted last year to raise emergency funds. The meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions, chaired by Pakistan's Finance Minister, Ishaq Dar, had decided to set up the negotiation committee […] Source
Pakistan negotiating to hand over Karachi port terminals to UAE for emergency funds
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