China and Cash-Strapped Pakistan Sign Agreement to Build Nuclear Power Plant in Punjab Province

As a symbol of increasing strategic collaboration between the two dependable friends, China and cash-strapped Pakistan signed a deal on Tuesday to build a 1,200 megawatt nuclear power facility.

The agreement to have Beijing construct the 1,200 megawatt Chashma-V nuclear facility at Chashma in the Punjabi region of Mianwali was signed in front of Prime Minister Shehbaz Sharif.

In his speech, Prime Minister Sharif described the signing of the nuclear power plant deal as a symbol of the growing economic ties between Pakistan and China and committed to see the project through quickly.

He blasted the previous administration led by Imran Khan for postponing the crucial power project and promised to get it going quickly.

According to him, Pakistan received a USD 4.8 billion investment from China for this project, which “sends the message that Pakistan is a place where Chinese companies and investors continue to show their trust and faith,” despite the country’s challenging economic position.

According to Sharif, the Chinese corporations provided specific privileges that would allow this project to save billions of rupees.

He voiced faith in Pakistan’s ability to overcome its present economic challenges with the assistance of China and other friendly nations.

According to Sharif, Pakistan was working with the International Monetary Fund to complete the 9th Review and had complied with all of its requirements.

He also praised Qatar, Saudi Arabia, and the United Arab Emirates for providing assistance to his cash-strapped administration. “We are deeply grateful to President Xi Jinping, and the Chinese leadership for their generous help to Pakistan,” he added.

The Chashma nuclear power stations in Pakistan are seen as crucial to the development of affordable nuclear energy. According to the Pakistan Atomic Energy Commission, the installed capacity of the four current power plants is 1,330 megawatts.

In Pakistan, there are now two more operating nuclear power stations. The KANUPP 2 and KANUPP 3 nuclear power plants in Karachi each have a 2,290 megawatt capacity.

Without the backing of the IMF, Pakistan, which is heavily in debt, is unable to get bilateral aid or even multilateral financing.

Saudi Arabia and the UAE have only offered Pakistan little backing, while only China has remained steadfast in its support.

In 2019, the IMF agreed to provide Pakistan USD 6 billion in exchange for meeting a number of requirements. Due to the donor’s desire that Pakistan finish all legalities, the plan was repeatedly delayed, and the final payment is still waiting.

Since many years ago, Pakistan’s economy has been in a fast slide, putting unrelenting pressure on the underprivileged masses via unrestrained inflation and making it almost difficult for a large number of people to make ends meet.

 

 


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