ISLAMABAD - The government Thursday allowed the loss-ridden and corruption-plagued Water and Power Development Authority (Wapda) to raise Rs 20 billion for Diamer Bhasha Dam Project under the sovereign guarantee. The Economic Coordination Committee (ECC) of the Cabinet with Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Sheikh in the chair, approved the proposal of Water and Power Ministry while the Wapda already had been servicing earlier raised Rs 16 billion. The Committee was informed that the Diamer Bhasha Dam would add 4500 MW of hydropower with live storage capacity of 6.4 million acres feet of water for the irrigation purposes. The Ministry informed the Committee that Wapda had already raised Rs 8 billion in 2006 and another Rs 8 billion in 2007 and was currently servicing them. Under the fresh proposal a sum of Rs 20 billion would be raised from the market under the sovereign guarantee of the government of Pakistan. The Wapda shall repay these funds to the government of Pakistan that would eventually service them. The committee further took the presentation on Pakistan Poverty Alleviation Fund (PPAF) on its institutional framework, engagements with the government of Pakistan, operational framework, outreach and output, resource deployment and outcome and impact. The Chairman of the committee said that since the government of Pakistan was the principal contributor to the PPAF, therefore the ECC members also be made aware of the reach and range of the activities of the Fund. He also asked the PPAF 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 PPAF 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 Mobilisation leading to community development in rural areas. The Pakistan Poverty Alleviation Fund and National Rural Support Programme are inter-related and 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.