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Pakistan to hand over Karachi port to UAE as it raises emergency funds

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Pakistan has formed a negotiation committee to finalize a deal with the United Arab Emirates (UAE) to hand over its Karachi port terminals in a bid to raise emergency funds.

The country’s Finance Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Intergovernmental Commercial Transactions on Monday where it was decided that a committee was needed to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government, The Express Tribune reported.

The negotiation committee has also been permitted to finalize 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.

Last year, the coalition government enacted the Intergovernmental Commercial Transactions Act, aimed at selling state assets on a fast-track basis to raise funds.

The country is in dire need of additional money after its deal with the International Monetary Fund (IMF) lapsed.

Initially, the UAE had refused to provide loans to Pakistan and urged it to sell stakes. However, it later committed $1 billion, which is still undisbursed, the Tribune reported.

The deal is expected to be finalized by the end of this month.

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At least 15 infants killed in Islamabad hospital fire

WATCH VIDEO: There ​were ⁠16 newborns at the hospital’s gynaecology ward ​when the fire ​broke ⁠out, one of whom was rescued.

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At least 15 infants were killed when a fire broke ​out at a state-run ​hospital in Pakistan’s capital city ⁠Islamabad, triggered by a ​fault in air conditioning ​systems, local broadcaster Geo TV reported on Wednesday.

The fire, which ​broke out at ​the Pakistan Institute of Medical Sciences (PIMS) ‌hospital, ⁠started around two hours ago, the broadcaster said, adding that “cooling operations” were ongoing, Reuters reported.

​There ​were ⁠16 newborns at the hospital’s gynaecology ward ​when the fire ​broke ⁠out, one of whom was rescued, according to Geo.

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Pakistan and Iran make significant progress in talks on Iran conflict

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Pakistan and Iran have made “significant progress” in talks focused on the U.S.-Israeli war on Iran and efforts to find a path toward peace, Pakistan’s interior minister said on Tuesday after a visit to Tehran.

The discussions focused on measures to prevent further escalation, reopening the Strait of Hormuz and accelerating an end to the conflict, according to a statement from the Pakistani military following a meeting between army chief General Asim Munir and Iranian leaders.

The two sides also discussed regional peace and possible ways to reach a negotiated settlement to the conflict, the statement said.

“Iranian President candidly shared his government’s perspective and we had a very constructive exchange on the issues involved,” Interior Minister Mohsin Naqvi, who accompanied Munir, said in a post on X.

Munir spoke with U.S. President Donald Trump before travelling to Tehran, Reuters reported on Monday.

Trump last week warned of economic consequences for countries providing “any type of lifeline to Iran” as Washington seeks to isolate Tehran. Iran, meanwhile, has threatened to halt all oil exports from the Gulf.

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Pakistan’s Munir spoke to Trump ahead of Tehran visit, sources say

The White House Office of the Press Secretary did ​not immediately respond to a request for comment. It was unclear what Munir and Trump discussed in detail.

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US President Donald Trump spoke with Pakistan’s army ​chief Asim Munir last week ahead of Munir’s trip to Tehran on ‌Monday, according to three Pakistani sources, with one saying the main US request was to use Pakistan’s influence to bring Iran back to negotiations, Reuters reported.

Trump last week warned of economic consequences against any country that ​provided “any type of lifeline to Iran” as he seeks to isolate the Islamic ​Republic. Iran has in turn vowed to shut down all oil exports ⁠from the Gulf.

Last week’s call, which has not been previously reported, was initiated ​by Trump, according to two Pakistani sources.

The White House Office of the Press Secretary did ​not immediately respond to a request for comment. It was unclear what Munir and Trump discussed in detail.

Munir arrived in Tehran on Monday accompanied by Pakistan’s Interior Minister Mohsin Naqvi, Pakistan’s military confirmed, saying ​it was “part of Pakistan’s efforts to promote regional peace and stability.”

Pakistan, which has played ​a key mediating role between the US and Iran this year, has remained a trading partner of ‌Iran ⁠throughout the recent fighting.

Munir was expected to meet with people close to Iran’s Supreme Leader Ayatollah Mojtaba Khamenei on Monday, one Pakistani source said.

Another Pakistani government source said while US-Iran tensions were a focus of the visit, Munir was also expected to discuss ​recent attacks by Iran-aligned ​Houthi fighters on Pakistan’s ⁠ally Saudi Arabia as well as the recently signed mutual defence agreement between Pakistan, Turkey and Saudi Arabia.

Pakistan’s earlier mediation efforts ​between the U.S. and Iran resulted in an interim peace agreement ​signed in ⁠June. But the Islamabad Memorandum quickly faltered, amid new fighting between Iran and the US that has threatened to spiral into a wider regional conflict in recent weeks.

“There is a trust ⁠deficit ​on both sides,” a third Pakistani source said about ​the US and Iran, adding that Munir’s aim was to mitigate the lack of mutual trust on Monday.

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