China To Build Nuclear Power Plant In Pakistan's Punjab Province
Pakistan's Chashma power plant is considered a key in the production of cheap nuclear power. The installed capacity of the existing four power plants is 1,330 megawatts, according to the Pakistan Atomic Energy Commission.
China on Tuesday inked an agreement worth a whopping $4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.
Pakistan Prime Minister Shehbaz Sharif witnessed the signing of the deal under which China would build a 1,200-megawatt Chashma-V nuclear plant at Chashma in the Mianwali district of Punjab.
In his address, Prime Minister Sharif termed the signing of the nuclear power plant agreement a token of increasing economic cooperation between the two countries and vowed to complete the project without any delay.
"We will kick start it without any further delay," the PM said, as he lambasted the previous government under Imran Khan for delaying the key power project.
Sharif said that under a difficult economic situation, his country was getting an investment of $4.8 billion from China in this project, which "sends the message that Pakistan is a place where Chinese companies and investors continue to show their trust and faith".
He added that Chinese companies gave special concessions that would save billions of rupees on this project.
He expressed confidence that Pakistan would come out of its current economic difficulties with the help of China and other friendly countries.
Pakistan is engaged with the International Monetary Fund to finalise the ninth review and has met all conditions required by the Washington-based global lender, the PM added.
"We are deeply obliged to President Xi Jinping and the Chinese leadership for their generous help to Pakistan," he said, as he also lauded Saudi Arabia, the United Arab Emirates, and Qatar for extending help to his cash-strapped government.
Pakistan's Chashma power plant is considered a key to the production of cheap nuclear power. The installed capacity of the existing four power plants is 1,330 megawatts, according to the Pakistan Atomic Energy Commission.
Two other nuclear power plants are also operational in the country.
Pakistan, which is in tremendous financial debt, is not getting multilateral loans or even bilateral assistance without the support of the IMF.
Only China has stood fast to help Pakistan, while Saudi Arabia and the UAE have been selectively supportive.
The IMF signed a deal in 2019 to provide $6 billion to Pakistan upon fulfilment of certain conditions. The plan was derailed several times, and the full reimbursement is still pending due to the donor's insistence that Pakistan complete all formalities.
Pakistan’s economy has been in free-fall mode for the last many years, bringing unbridled pressure on its poor in the form of unchecked inflation.
