- Breaks ground on $3.48b Chashma Nuclear Power Plant-5 to be completed in 7 to 8 years
- Gives credit for C-5 agreement to govt, military’s Strategic Plans Division
MIANWALI: Prime Minister Shehbaz Sharif said on Friday that the risk of potential default has been completely averted through the efforts made by the government’s economic team.
“Our detractors had been fabricating rumours all around that Pakistan was going to default on its sovereign commitments but we crossed all turbulent waters in just 15 months,” he added.
Prime Minister Shehbaz Sharif expressed the views at the groundbreaking ceremony of the 1,200 MW Chashma Nuclear Power Plant Unit 5 (C-5) which is likely to be completed in seven to eight years at a cost of around $3.48 billion.
The risk of potential default has been completely averted through team efforts from all the components of the Government of Pakistan and all our institutions.
Prime Minister Shehbaz Sharif addressed the groundbreaking ceremony of the Chashma-5 nuclear power plant. pic.twitter.com/gcAHdoEkih— Government of Pakistan (@GovtofPakistan) July 14, 2023
The prime minister said the International Monetary Fund (IMF) approved a new programme earlier this week and within 48 hours, around $3 billion were transferred by Pakistan’s brotherly countries, Saudi Arabia and United Arab Emirates (UAE), and the first tranche of $1.2 billion was received from the IMF.
He added that about four months back, the Chinese government and commercial banks rolled over amounts to the tune of $5 billion.
Our detractors have been fabricating rumors that Pakistan was going to default on its sovereign payments, that its economy will be in shambles. We crossed very turbulent waters in the last 15 months.
Prime Minister Shehbaz Sharif addressed the groundbreaking ceremony of the… pic.twitter.com/sjpDtrhef7— Government of Pakistan (@GovtofPakistan) July 14, 2023
The premier said keeping in mind the country’s requirements for clean and cheap energy sources, the nuclear project should be completed before the given schedule.
Terming it a huge milestone and a symbol of cooperation between the two great friends, China and Pakistan, PM Shehbaz said the project would help the country promote clean, efficient and comparatively cheaper energy.
The prime minister added that after a pause of many years, the China-Pakistan Economic Corridor (CPEC) was again proceeding in full swing and gave the credit for concluding the agreement of C-5 to the coalition government and the military’s Strategic Plans Division (SPD) for their efforts.
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.
Prime Minister Shehbaz Sharif addressed the groundbreaking ceremony of the Chashma-5 nuclear power plant. pic.twitter.com/FVkRKFWeJa— Government of Pakistan (@GovtofPakistan) July 14, 2023
Speaking on the occasion, Prime Minister Shehbaz Sharif said the history of nuclear energy cooperation between Pakistan and China goes back to thirty years. He said this mutual cooperation to promote clean, efficient and comparatively cheaper energy is a great success, manifestation of great friendship and a model for other countries to emulate.
He also paid tribute to Chinese President Xi Jinping, Saudi Crown Prince Mohammad bin Salman and UAE President Mohamed bin Zayed Al Nahyan for their support in Pakistan’s hour of need.
وزیرِ اعظم شہباز شریف نے چشمہ۔5 نیوکلیئر پاور پلانٹ کا سنگِ بنیاد رکھ دیا۔
وزیرِ اعظم کی خصوصی دلچسپی اور کاوشوں کے نتیجے میں نیوکلیئر پاور پلانٹ کی نہ صرف لاگت میں کمی کی گئی بلکہ اس کی استعداد کو 1100 میگاواٹ سے بڑھا کر 1200 میگاواٹ کر دیا گیا ہے۔ pic.twitter.com/NSrZBFhk6L— Government of Pakistan (@GovtofPakistan) July 14, 2023
PM Shehbaz also informed that as a result of serious efforts by the coalition government and himself, the Chinese company kept the cost of the project at the level agreed upon in 2017-18 by the then Pakistan Muslim League – Nawaz (PML-N) government and did not include the average inflation of around 10% in the project cost.
Further, he said on his request, a discount of Rs30 billion was also given to Pakistan which reflected a sense of sincerity between the two countries.
Chinese Charge D’affaires in Pakistan, Pang Chunxue said C5 would help Pakistan build low-carbon, clean and cheap energy which would also produce local jobs and would engage the local industries to contribute to the project.
Chairman of China National Nuclear Cooperation Yu Jianfeng said cooperation between Pakistan and China in nuclear energy had become an integral part of the all-weather strategic cooperative partnership.
He said the C5 project was a significant milestone in the HPR 1000 development global journey. Hualong One (HPR 1000) is the 3rd-generation nuclear power brand to which China has exclusive intellectual property rights.
Chairman Pakistan Atomic Energy Cooperation Raja Ali Raza Anwar said Chashma-5 project has brought us one step closer to the envisaged goal of producing 8800 megawatts clean nuclear energy. He said Chashma-5 will enhance not only our nuclear power technology experience but also have an impact on several areas of socio-economic uplift.
Planning Minister Ahsan Iqbal, Energy Minister Khurram Dastgir Khan, and Chairman PAEC Dr Raja Ali Raza were also present on the occasion.
