On Tuesday, Prime Minister Shehbaz Sharif lauded China’s role, saying that the neighbouring ally came to Pakistan’s rescue during the current economic situation, as the ongoing International Monetary Fund (IMF) bailout programme remains delayed.
The remarks were made during a memorandum of understanding (MoU) signing ceremony of a 1,200 MW Chashma 5 (C5) nuclear power project. The MoU between the China National Nuclear Cooperation and Pakistan Atomic Energy Commission (PAEC) was inked.
“Of late, when Pakistan is faced with economic challenges, and we are engaged with the IMF in trying to finalize the ninth review, Pakistan has met all terms and conditions required by IMF.
“We thought this (the resumption of the programme) would have been done two months ago, three months ago, but there has been an inordinate delay, but China once again came to our help and our rescue,” said the PM.
“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.
Shehbaz praised his economic team, including Finance Minister Ishaq Dar, for striking agreements with the Chinese counterparts.
On the C5 project, the prime minister said the MoU signing is a “great step forward of economic cooperation between China and Pakistan”.
“Hopefully, we will kick start it without further delay,” he said.
Shehbaz lauded the Chinese investment to the tune of $4.8 billion in Pakistan in the current economic situation. “This reflects that our friendship is higher than the Himalayas, deeper than the deepest ocean, sweeter than honey and stronger than iron and steel,” he said.
The resumption of the IMF bailout programme has been deemed crucial for the cash-strapped economy, facing dwindling foreign exchange reserves currently at $4 billion.
