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Media reports on Tuesday said the Pakistani government was considering handing over its Karachi port terminal to the UAE as it seeks to raise funds.
Media reports on Tuesday said the Pakistani government was considering handing over its Karachi port terminal to the UAE as it seeks to raise funds.
Pakistani Finance Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Intergovernmental Business Transactions on Monday.
Pakistani Finance Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Intergovernmental Business Transactions on Monday.
A team will be formed between the Karachi Port Trust (KPT) and the UAE government to negotiate a commercial agreement, a report says Express newspaper.
A team will be formed between the Karachi Port Trust (KPT) and the UAE government to negotiate a commercial agreement, a report says Express newspaper.
According to the report, the group has been given the green light to finalize a draft operation, maintenance, investment and development agreement with designated UAE agencies under intergovernmental arrangements for the handover of the Karachi port terminal.
According to the report, the group has been given the green light to finalize a draft operation, maintenance, investment and development agreement with designated UAE agencies under intergovernmental arrangements for the handover of the Karachi port terminal.
The team will be headed by Foreign Minister Faisal Sabzwari maritime affairs. The group included other finance ministers and foreign ministers, special assistant to Prime Minister Jehanzeb Khan, KPT chairman and KPT general manager.
The team will be headed by Foreign Minister Faisal Sabzwari maritime affairs. The group included other finance ministers and foreign ministers, special assistant to Prime Minister Jehanzeb Khan, KPT chairman and KPT general manager.
Last year, the UAE government had expressed interest in acquiring the Karachi port terminal under the administrative control of Pakistan International Container Terminals (PICT).
Last year, the UAE government had expressed interest in acquiring the Karachi port terminal under the administrative control of Pakistan International Container Terminals (PICT).
The move is aimed at raising emergency funds under a law enacted last year.
The move is aimed at raising emergency funds under a law enacted last year.
Last year, Pakistan’s coalition government enacted the Inter-Governmental Commercial Transactions Act, which aims to quickly sell state assets to raise funds.
Last year, Pakistan’s coalition government enacted the Inter-Governmental Commercial Transactions Act, which aims to quickly sell state assets to raise funds.
Pakistan is in the midst of a financial crisis amid uncertainty over the resumption of a $6.5 billion deal with the International Monetary Fund (IMF) originally signed in 2019 and due to expire at the end of this month.
Pakistan is in the midst of a financial crisis amid uncertainty over the resumption of a $6.5 billion deal with the International Monetary Fund (IMF) originally signed in 2019 and due to expire at the end of this month.
Meanwhile, Prime Minister Sheikh Baz Sharif held meetings with ambassadors from major countries to gain support for restarting the stalled IMF deal.
Meanwhile, Prime Minister Sheikh Baz Sharif held meetings with ambassadors from major countries to gain support for restarting the stalled IMF deal.
The government is making a last-ditch effort to capture the unpaid portion of the $6.5 billion package, which was signed in 2019 and is due to end on June 30.
The government is making a last-ditch effort to capture the unpaid portion of the $6.5 billion package, which was signed in 2019 and is due to end on June 30.
(according to agency opinion)
(according to agency opinion)
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