Prime Minister Shehbaz Sharif announced on Friday that the risk of a potential default had been successfully averted due to the government’s economic team’s diligent efforts. He dismissed rumours about Pakistan defaulting on its sovereign commitments, crediting his team for navigating through turbulent economic conditions within 15 months.
The International Monetary Fund (IMF) approved a new programme earlier this week. Consequently, Pakistan received an influx of funds totalling $3 billion from Saudi Arabia and the United Arab Emirates (UAE), including the first tranche of $1.2 billion from the IMF. Additionally, he noted that the Chinese government and commercial banks had rolled over $5 billion around four months ago.
Groundbreaking of Chashma Nuclear Power Plant Unit 5
PM Shehbaz Sharif spoke during the groundbreaking ceremony of the 1,200 MW Chashma Nuclear Power Plant Unit 5 (C-5), a project projected to cost around $3.48 billion and be completed in seven to eight years. Emphasizing the necessity for clean, affordable energy sources, he urged the nuclear project to be finalized ahead of schedule. The PM lauded the project as a significant milestone and a testament to the cooperative relationship between China and Pakistan.
He also highlighted the resurgence of the China-Pakistan Economic Corridor (CPEC) after a period of stagnation. The PM credited the successful agreement of C-5 to the combined efforts of the coalition government and the military’s Strategic Plans Division (SPD). He thanked Chinese President Xi Jinping, Saudi Crown Prince Mohammad bin Salman, and UAE President Mohamed bin Zayed Al Nahyan for their support during Pakistan’s time of need. He noted that due to effective negotiations, the Chinese company maintained the project’s cost at the 2017-18 level agreed upon by the then Pakistan Muslim League – Nawaz (PML-N) government and even offered Pakistan a discount of Rs30 billion.
