Global Debt
The recent IMF report presents a mixed picture of the global economy: the immediate threat of recession has receded, and inflation is gradually stabilising, yet a new alarm has been sounded on the surging levels of global debt.
Pakistan Prime Minister Shehbaz Sharif on Tuesday witnessed the signing of the Memorandum of Understanding (MoU) between Pakistan and China for a 1200MW Chashma-5 (C-5) nuclear power project worth $3.48 billion, local media reported.
China National Nuclear Corporation Overseas Ltd (CNOS) President and Pakistan Atomic Energy Commission (PAEC) Member Power Muhammad Saeed Ur Rehman signed the MoU.
On the occasion, the Prime Minister said the nuclear power project was a significant step towards economic cooperation between the two countries, Geo News reported.
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He said the decision to start this project had been taken, and the main conditions were agreed upon during his previous term as Prime Minister; however, the successive government put this project in cold storage.
He said due to the higher global inflation, the project would have cost much more than that determined in 2017-18, but the Chinese government not only abstained from raising the cost but also gave a discount of around Rs 30 billion, Geo News reported.
Vowing to kick-start the project without delay, the Pakistan prime minister said under the difficult economic situation, investment from China in this project to the tune of $3.48 billion sent a clear message that Pakistan was a place where Chinese companies and investors continued to show their trust and faith.
“This reflects the famous quote that our friendship is higher than the Himalayas, deeper than the deepest ocean, sweeter than sugar and honey, and stronger than iron and steel. He said President Xi Jinping had called this friendship “iron brothers”, Geo News reported.
Furthermore, he added that he had recently inaugurated a K-3 nuclear project in Karachi.
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