Prime Minister Shehbaz Sharif on Tuesday lauded China for helping Pakistan while the International Monetary Fund (IMF) holds out on its bailout package for the cash-strapped nation.
He said this at a signing ceremony between China National Nuclear Cooperation and the Pakistan Atomic Energy Commission (PAEC) for the 1,200 MW Chashma 5 (C5) nuclear power facility.
“Other than China, we have our great friends like Saudi Arabia, UAE, and Qatar, who have been helping and supporting Pakistan. But at this juncture, Chinese financial support has been outstanding. We are deeply obliged to President Xi and the Chinese leadership,” he said.
Prime Minister Shehbaz Sharif officially signed a memorandum of understanding (MoU) for the construction of the Chashma-5 nuclear power plant project, valued at $3.48 billion.
The MoU was signed by the president of China National Nuclear Corporation Overseas Ltd and Muhammad Saeedur Rehman, Member Power of Pakistan Atomic Energy Commission.
The premier lauded China for providing $4.8 billion to Pakistan in its hour of need. He remarked that Pakistan was facing many economic issues, and was working with the IMF to complete the ninth review, having already met all of its objectives and pre-conditions.
The government expected the bailout program to resume 2-3 months ago, but subsequent delays thwarted any chances of revival. “However, China once again came to our help and our rescue,’ the PM added.
The continuation of the IMF bailout program is critical for the cash-strapped economy, which is facing substantial shortfalls in its foreign exchange reserves of roughly $4 billion.
China last week refinanced a $1 billion loan to Pakistan, which the federal government had earlier paid off on maturity.
