ECC agrees to raise Rs.20 billion for Diamer-Bhasha Dam project

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) here on Thursday allowed Water and Power Development Authority (WAPDA) to raise Rs.20 billion for the Diamer Bhasha Dam project. The ECC met here under the chairmanship of Federal Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Sheikh. The Committee, on the proposal in a summary moved by the Ministry of Water and Power allowed WAPDA to raise Rs.20 billion for the Diamer Bhasha Dam project.The Diamer-Bhasha Dam would add 4500 MG of hydro power with live storage capacity of 6.4 million acres foot of water for the irrigation purposes.
The Minister for Water and Power has informed the committee that WAPDA has already raised Rs.8 billion in 2006 and 8 billion in 2007 and is currently servicing them.The 20 billion funds to be raised by WAPDA shall be under the Government of Pakistan guarantee from the market and shall repay to the Government of Pakistan.The committee further took the presentation on Pakistan Poverty Alleviation Fund on its institutional framework, engagements with the Government of Pakistan, operational framework, its Outreach and Output and Resource Deployment and its Outcome and Impact.

The Chairman of the committee said that since the Government of Pakistan is the principal contributor to the fund, therefore, the ECC members also be made aware of the Reach and Range of the activities of the fund.He also asked to give a comprehensive analysis of the present and past picture of the poverty alleviation in the country, and in this regard set up a committee headed by Deputy Chairman Planning Commission, Dr. Nadeem-ul-Haque with members Ms. Hina Rabbani Khar, Minister of State for Finance, Ms. Shahnaz Wazir Ali, Special Assistant to the Prime Minister on Social Sector Development so that the projects of the fund be made more tangible in terms of alleviation of poverty in the country.The Committee also had presentation on the National Rural Support Programme on Social Mobilization leading to Community Development in rural areas.The Pakistan Poverty Alleviation Fund and National Rural Support Programme are inter-related the sub-committee constituted by the Chairman, headed by DCPC shall look into the both the programmes and submit its report in the coming ECC meetings.The committee earlier had a glimpse of the economic situation in term of the prices situation in the country, with current economic indicators, review of the stock position of edibles, POL product, and implementation status of the decisions taken in the last ECC meeting.Among others who attended the ECC meeting were, Federal Ministers for Food and Agriculture, Water and Power, Petroleum and Natural Resources, Minister of State for Finance, Textiles and Railways Deputy Chairman Planning Commission and concerned high officials of the Finance, EAD, Commerce, FBR, Statistics and newly appointed chairman of the SECP – AAP