Just two weeks after the arrival of the first-ever Russian oil ship carrying over 45,000 tonnes of crude at Pakistan’s financial capital, another oil tanker carrying 56,000 tonnes of Russian crude oil has arrived at the Karachi Port.

Second Russian Oil Ship Docks at Karachi Port

Pakistan is apparently planning to hand over the Karachi port terminals to the United Arab Emirates (UAE). Pakistan-based The Express Tribune reported that a committee was set up on Monday to finalise the&nbsp;deal.&nbsp;

The South Asian nation is grappling with record inflation, fiscal imbalances and critical levels of reserves and the move to hand over Karachi port appears to be the first intergovernmental transaction under a law enacted last year to raise emergency funds.&nbsp;

A meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions was chaired by finance minister Ishaq Dar on Monday to discuss the details of the deal.&nbsp;

In the meeting, it was decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government.&nbsp;

As reported by local media outlets, the decision taken by the officials noted that the committee will finalise a draft operation, maintenance, investment, and development agreement under the government-to-government arrangements, with a nominated agency of the UAE.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/taliban-publicly-executes-murder-suspect-second-since-takeover-606443">Taliban publicly execute murder suspect, second since takeover</a>&nbsp;

Faisal Sabzwari, who is the Minister for Maritime Affairs, will head the negotiation committee, that will finalise a framework agreement. The additional secretaries of Finance and Foreign Affairs, the special assistant to PM Jehanzeb Khan, the Chairman and the general managers of the KPT are members of the committee.&nbsp;

Pakistan wants to finalise the deal with Abu Dhabi Ports (ADP), which is a subsidiary of the Abu Dhabi Ports Group. The UAE-based group showed interest in KPT recently, media reports suggest.&nbsp;

The group said that Abu Dhabi Ports owns and operates 10 ports and terminals in the UAE. It says that each facility is strategically located, harnessing sea, air, road and rail connectivity to provide gateways to global markets.&nbsp;

Watch:&nbsp;Former Pakistan PM Imran Khan interacts with WION&nbsp;

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<h2>Intergovernmental Commercial Transactions Act&nbsp;</h2>

The Intergovernmental Commercial Transactions Act was enacted by Pakistan's coalition government last year. It aims at selling state assets on a fast-track basis to raise funds.&nbsp;

Earlier this month, Pakistan's finance minister said that the nation is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review.&nbsp;

Also read: <a href="https://www.wionews.com/south-asia/taliban-to-stop-involvement-of-international-organisations-in-education-projects-report-606304">Taliban to stop involvement of international organisations in education projects: Report</a>&nbsp;

After releasing the budget for the 2023-24 financial year, Ishaq Dar told reporters that "We'll see how things go". He referred to whether to restructure or reprofile debt as Pakistan continues to speak with the IMF about its stalled bailout funds.

Dar added, "In either case, we will talk to bilateral creditors."&nbsp;

Pakistan is struggling to finalise an agreement with the lender as its IMF programme runs out this month with about $2.5 billion in funds yet to be released.&nbsp;

Meanwhile, Prime Minister Shehbaz Sharif held a meeting with the ambassadors of key countries to get support for the revival of the deal.&nbsp;

(With inputs from agencies)&nbsp;

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Pakistan is apparently planning to hand over the Karachi port terminals to the United Arab Emirates (UAE). Pakistan-based The Express Tribune reported that a committee was set up on Monday to finalise the deal.

Pakistan is apparently planning to hand over the Karachi port terminals to the United Arab Emirates (UAE). Pakistan-based The Express Tribune reported that a committee was set up on Monday to finalise the deal. The South Asian nation is grappling with record inflation, fiscal imbalances and critical levels of reserves and the move to hand over Karachi port appears to be the first intergovernmental transaction under a law enacted last year to raise emergency funds. A meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions was chaired by finance minister Ishaq Dar on Monday to discuss the details of the deal. In the meeting, it was decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government. As reported by local media outlets, the decision taken by the officials noted that the committee will finalise a draft operation, maintenance, investment, and development agreement under the government-to-government arrangements, with a nominated agency of the UAE. Also read: Taliban publicly execute murder suspect, second since takeover Faisal Sabzwari, who is the Minister for Maritime Affairs, will head the negotiation committee, that will finalise a framework agreement. The additional secretaries of Finance and Foreign Affairs, the special assistant to PM Jehanzeb Khan, the Chairman and the general managers of the KPT are members of the committee. Pakistan wants to finalise the deal with Abu Dhabi Ports (ADP), which is a subsidiary of the Abu Dhabi Ports Group. The UAE-based group showed interest in KPT recently, media reports suggest. The group said that Abu Dhabi Ports owns and operates 10 ports and terminals in the UAE. It says that each facility is strategically located, harnessing sea, air, road and rail connectivity to provide gateways to global markets. Watch: Former Pakistan PM Imran Khan interacts with WION × Intergovernmental Commercial Transactions Act The Intergovernmental Commercial Transactions Act was enacted by Pakistan's coalition government last year. It aims at selling state assets on a fast-track basis to raise funds. Earlier this month, Pakistan's finance minister said that the nation is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review. Also read: Taliban to stop involvement of international organisations in education projects: Report After releasing the budget for the 2023-24 financial year, Ishaq Dar told reporters that "We'll see how things go". He referred to whether to restructure or reprofile debt as Pakistan continues to speak with the IMF about its stalled bailout funds. Dar added, "In either case, we will talk to bilateral creditors." Pakistan is struggling to finalise an agreement with the lender as its IMF programme runs out this month with about $2.5 billion in funds yet to be released. Meanwhile, Prime Minister Shehbaz Sharif held a meeting with the ambassadors of key countries to get support for the revival of the deal. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan to hand over Karachi port to UAE to raise emergency funds

China and Pakistan have signed a precursor deal to develop the Karachi coastline. Beijing is expected to invest $3.5 billion in what is being called another debt trap. What does this deal mean for the Gwadar port? Palki Sharma tells you.

Gravitas: China's new debt trap: Karachi port

At least five people died and dozens became unconscious due to leakage of poisonous gas in the metropolitan area of Kemari port. According to reports, the gas has effected at least 25 people in the area and doctors fear the death rate may rise as the victims feared serious respiratory problems.

Atleast five dies, dozens unconscious after toxic gas leakage at Karachi Port

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Second Russian Oil Ship Docks at Karachi Port

Pakistan to hand over Karachi port to UAE to raise emergency funds

Gravitas: China's new debt trap: Karachi port

Atleast five dies, dozens unconscious after toxic gas leakage at Karachi Port