The Wire Staff 
New Delhi: China and Pakistan entered a $4.8 billion agreement on Tuesday to set up a 1,200-megawatt nuclear power plant, indicating growing strategic cooperation between the two countries, the Hindu reported.
As part of the agreement, Beijing will build a 1,200-megawatt nuclear plant at Chashma in Punjab’s Mianwali district, the report said.
Pakistani Prime Minister Shehbaz Sharif called the nuclear power plant agreement a token of increasing economic cooperation between Pakistan and China and vowed to complete the project without any delay, according to the Hindu.
“We will kick start it without any further delay,” Sharif said in his address, while criticising the previous Imran Khan-led government for delaying the key power project.
Sharif also said that the Chinese investment has come at a time of economic difficulties in Pakistan which “sends the message that Pakistan is a place where Chinese companies and investors continue to show their trust and faith,” the Hindu report said.
While expressing confidence that Pakistan would come out of its current economic woes with the help of China and other friendly countries, he said that Chinese companies have given special concessions which would save billions of rupees in this nuclear project, the report said.
“We are deeply obliged to President Xi Jinping, and the Chinese leadership for their generous help to Pakistan,” he said, as he also lauded Saudi Arabia, United Arab Emirates and Qatar for helping Pakistan.
Pakistan’s Chashma power plants are considered a key in the production of cheap nuclear power. The installed capacity of the existing four power plants is 1,330 megawatts, according to the Pakistan Atomic Energy Commission. Two other nuclear power plants are also operational in Pakistan. Karachi Nuclear Power Plants (KANUPP 2 & 3) have a capacity of 2,290 megawatts, the Hindu reported.
Sharif also said that Pakistan was engaged with the IMF to finalise the 9th Review and met all conditions required by the global lender.
The IMF had agreed to provide $6 billion to Pakistan in 2019 if it fulfilled certain conditions. The plan was derailed several times and the full reimbursement is still pending due to IMF’s insistence on Pakistan completing all formalities. Pakistan, which is under tremendous financial stress, is not getting multilateral loans or even bilateral assistance without the support of the IMF.
While Saudi Arabia and the UAE have been selectively supportive, China has been a source of steady support to Pakistan, the report said.