PM Shehbaz Sharif opens work on Chashma-5 nuclear power plant, says risk of default ‘averted’
MIANWALI: Prime Minister Shehbaz Sharif formally opened work on the 1200-megawatt Chashma-5 nuclear power plant (C-5) in Mianwali on Friday, saying the project is a “huge milestone” and a symbol of cooperation between China and Pakistan.
The prime minister’s remarks came during the groundbreaking ceremony of the plant, which is expected to be completed in seven to eight years at a cost of around $3.48 billion.
Last month, Pakistan and China had signed a memorandum of understanding (MoU) to build a new unit of the 1,200 MW Chashma-5 (C-5) nuclear power project. The prime minister had witnessed the signing of the MoU on the C-5 project between the Pakistan Atomic Energy Commission (PAEC) and the China National Nuclear Corporation (CNOS).
Addressing the inaugural ceremony, which was attended by Chinese officials and ministers, Shehbaz said, “The risk of potential default has been completely averted through team efforts – untiring efforts – from all the components of the government of Pakistan and all our institutions.”
He then mentioned the announcement of the approval of the IMF program and the subsequent inflows of $4.2 billion in the account of the State Bank of Pakistan – of which $1.2bn were received from the IMF as the first tranche of its $3 billion program and the rest from “our brotherly countries Saudi Arabia and UAE”.
Shehbaz Sharif said, “The Chashma-5 nuclear energy project, which is by itself a huge milestone, a huge success story and a wonderful symbol of cooperation between two great friends.”
The premier expressed his gratitude to China for its longstanding support saying, “Unless we mention the role of our great and most trusted friend China, the story will remain incomplete.”
He recalled the “Chinese government and Chinese commercial banks rolled over amounts back to Pakistan to the tune of more than $5 billion” in the past four months.
He said, “This is not a small contribution by a great friend at a time which was one of the most difficult times Pakistan was facing.” The prime minister especially thanked the Chinese government and companies for “not increasing the price on the basis of 2017-18, not factoring in average inflation”, and giving a discount of Rs30 million on his request, which he termed “a very kind gesture”. – News Agencies
