By Staff Reporter
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Tuesday thanked China for its financial support during the country’s economic challenges, as a $6.7 billion International Monetary Fund (IMF) bailout programme remains stalled.
Sharif made the remarks at a signing ceremony of a memorandum of understanding (MoU) for a 1,200 megawatt (MW) nuclear power project, Chashma 5 (C5), between China National Nuclear Cooperation and Pakistan Atomic Energy Commission (PAEC).
“China once again came to our help and our rescue,” Sharif said, adding that other allies such as Saudi Arabia, UAE and Qatar had also been supportive.
He said Pakistan had met all the conditions required by the IMF for the ninth review of the programme, but there had been an “inordinate delay” in its resumption.
“Of late, Pakistan is faced with economic challenges, and we are engaged with the IMF in trying to finalise the ninth review. The country has already met all terms and conditions required by the IMF,” the premier said.
“We thought this (the resumption of the programme) would have been done two months ago, three months ago, but there has been an inordinate delay.”
“We are deeply obliged to President Xi and the Chinese leadership,” he said.
Sharif said China had provided $4.8 billion in financing to Pakistan in the current economic situation.
“This reflects that our friendship is higher than the Himalayas, deeper than the deepest ocean, sweeter than honey and stronger than iron and steel,” he said.
Meanwhile, Pakistan and China signed a $4.8 billion deal to build a 1,200-megawatt nuclear power plant, as Islamabad seeks to diversify its energy mix and reduce its reliance on fossil fuels.
The Chashma 5 project will be built in the central province of Punjab with the assistance of China National Nuclear Cooperation (CNNC) and Pakistan Atomic Energy Commission (PAEC).
“China’s investment in this project sends a message loud and clear that Pakistan is a place where Chinese companies and investors continue to show their trust and faith,” PM Sharif said.
Pakistan’s total nuclear energy production capacity rose to 1,400 mw when its sixth nuclear power plant opened two years ago in the southern port city of Karachi, also built with Chinese help.
The C5 project is part of the China-Pakistan Economic Corridor (CPEC), a flagship initiative of Chinese President Xi Jinping’s Belt and Road Initiative.
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