MIANWALI: Pakistan’s Prime Minister Shehbaz Sharif on Friday performed groundbreaking of the Chashma-5 nuclear power plant in Mianwali, and stated that the risk of potential default in the country has been completely averted.
Speaking at the groundbreaking ceremony of the Chashma-5 nuclear power plant attended by Chinese officials and ministers in Mianwali, PM Shehbaz dismissed rumors of Pakistan facing an economic crisis and highlighted the efforts made by the government and institutions to overcome turbulent times.
Shehbaz credited the approval of the International Monetary Fund (IMF) program and the subsequent inflow of $4.2 billion into the State Bank of Pakistan (SBP) as significant steps in averting the risk of default. He acknowledged the support of “brotherly countries” Saudi Arabia and the UAE, along with China’s role in providing financial assistance to Pakistan.
Emphasizing the importance of the Chashma-5 nuclear power plant, Shehbaz referred to it as a symbol of cooperation between Pakistan and China. He expressed gratitude to China for its longstanding support and highlighted the rollover of more than $5 billion by the Chinese government and commercial banks to Pakistan during challenging times.
China’s Financial Support to Pakistan
Shehbaz also appreciated China’s willingness to cooperate and provide discounts on financial arrangements. He emphasized that the deal between the two countries is a result of transparent and sincere communication, and expressed confidence in China’s understanding of Pakistan’s financial difficulties.
PM Shehbaz expressed hope for the timely completion of the project, which is expected to take seven to eight years. He highlighted the significance of the project in addressing the energy needs of Pakistan’s industrial and agricultural sectors.
The Chashma-5 nuclear power plant is part of the Chashma Nuclear Power Generating Station, operated by the Pakistan Atomic Energy Commission (PAEC) with Chinese technology. The project faced initial delays due to the Ministry of Finance’s refusal to provide a sovereign guarantee. The completion of the project will further enhance Pakistan’s nuclear power capacity and contribute to the country’s energy requirements.
