Sunday, December 18, 2016
China curing Pakistan's power problems
When Prime Minister Nawaz Sharif came to office in 2013, rolling power outages across the country were plunging homes and businesses into darkness for up to 12 hours a day.
Now the Pakistani leader is betting on a $21 billion Chinese-backed splurge on energy projects to boost the economy—and his re-election bid.
More than 10,000 Chinese workers are now building at least 10 partly Beijing-financed energy projects across Pakistan that are set to grow the country’s energy output by 60% within two years in the first major boost to supply in two decades.Mr. Sharif’s government plans to inaugurate a nuclear plant this month and a pipeline network in January that will carry large-scale gas imports upcountry.
“Never in the history of Pakistan has there been such a big package of electricity plants in the pipeline,” said Syed Akhtar Ali, in charge of energy at the Planning Commission, the ministry tasked with long-term development.
Having the power cut out without warning does not allow for efficiency in running an economy. Once the load shedding issue is solved the Pakistan economy should benefit greatly. I continue to like the Pakistan ETF.