Pakistan is planning to hand over Karachi Sea Port to United Arab Emirates (UAE). Discussion on the issue with the UAE Government has already started. The decision is being taken to improve crises-ridden Pakistan’s economy. Unable to repay international loans Pakistan is working out strategies to raise emergency funds.
All international agencies have denied extending loans to Pakistan. If not repaid, it will become another defaulter like Shri Lanka. Shehbaz Sharif-led Pakistan government is selling properties so that international loans can be repaid.
A high-level committee has been constituted for working out modalities of handing over the Karachi Sea Port to the UAE. Earlier UAE had offered one billion dollars to Pakistan so that fresh loans from IMF could be obtained. However, the amount has not yet been paid by UAE. Shehbaz has appealed to about a dozen countries to help Pakistan in getting a loan from IMF. Pakistan has demanded a loan of 6.5 billion dollars from IMF.