Pakistan Prime Minister Shehbaz Sharif Opens $3.5 Billion Nuclear Power Plant

Pakistan Prime Minister Shehbaz Sharif launched on Friday the 1200-megawatt nuclear power plant being built in Punjab province with Chinese assistance, which is considered a sign of increased strategic collaboration between the two all-weather allies.

Previously, Prime Minister Sharif signed a USD 3.5 billion agreement with China under which Beijing will construct the Chashma-V nuclear reactor in the Punjab region of Mianwali.

He described the signing of the nuclear power plant agreement as a symbol of expanding economic cooperation between Pakistan and China and committed to completing the project without delay.

“The Chashma-5 nuclear energy project, which by itself is a huge milestone, a huge success story, and a wonderful symbol of cooperation between two great friends”, Sharif remarked.

He further said, “This mutual cooperation to promote clean, efficient, and comparatively cheaper energy is a gift of friendship between the two countries, as well as a model for other countries to emulate”.

He stated that the new power plant will be completed in seven to eight years, stressing that it would be a significant benefit to the people of Pakistan, as the industrial and agricultural sectors continually emphasize the need for cheaper and more efficient energy.

The premier also thanked China for its long-term support, stating, “Unless we mention the role of our great and most trusted friend China, the story will remain incomplete”.

Chashma power stations are regarded as critical in the development of low-cost nuclear energy.

According to the Pakistan Atomic Energy Commission, the installed capacity of the existing four power facilities is 1,330 megawatts.

Pakistan also has two other nuclear power stations that are active. The Karachi Nuclear Power Plants (KANUPP 2 and 3) have a combined capacity of 2,290 MW.

On the occasion, the prime minister also discussed the agreement reached with the International Monetary Fund, which averted the possibility of default and emphasized China’s role in assisting Pakistan in overcoming its economic troubles.

“The risk of potential default has been completely averted through team efforts – untiring efforts – from all components of Pakistan’s government and all our institutions”, he continued.

Sharif recalled that China had returned more than USD 5 billion to Pakistan in the previous four months. “This is not a small contribution by a great friend at a time when Pakistan was facing some of its most difficult challenges”, he remarked.

Pakistan received USD 1.2 billion from the IMF on Thursday, after the global lender’s executive board approved a USD 3 billion loan to the debt-ridden country over a nine-month period.

For many years, Pakistan’s economy has been on the free slide, putting unrelenting pressure on the underprivileged masses in the form of uncontrollable inflation and making it nearly difficult for a large number of people to make ends meet.

Also read: IMF Approves Pakistan’s $3 Billion Stand-By Arrangement