https://ift.tt/n7WIayV 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. He made the remarks 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 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. Read Shehbaz, Erdogan exchange Eid greetings He added that about four months back, the Chinese government and commercial banks rolled over amounts to the tune of $5 billion. 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. 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. 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. Also read Shehbaz urges fulfillment of climate fund pledge 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. Charge D’affaires of the Chinese embassy 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. Planning Minister Ahsan Iqbal, Energy Minister Khurram Dastgir Khan, and Chairman PAEC Dr Raja Ali Raza were also present on the occasion.
from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/anKRjc5
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