Pakistan government has reportedly 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 International Monetary Fund (IMF).
A meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions, chaired by Pakistan’s Minister Ishaq Dar on Monday, decided to set up the committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government, The Express Tribune newspaper reported.
It daily also reported 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, a PTI report said.
The negotiation committee set up to finalise a framework agreement will be headed by the Minister for Maritime Affairs, Faisal Sabzwari. The committee members include the additional secretaries of Finance and Foreign Affairs, the special assistant to PM Jehanzeb Khan, the Chairman of the Karachi Port Terminal (KPT), and the general managers of the KPT.
The UAE government had reportedly shown interest in acquiring the Karachi port terminals that were under the administrative control of the Pakistan International Containers Terminals (PICT) last year.
This move to constitute the negotiation committee may lead to the first intergovernmental transaction under a law enacted last year to raise emergency funds.
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