The Benazir Income Support Program (BISP) is making significant improvements, and recipients will soon see a rise in their quarterly payments. The International Monetary Fund (IMF) has approved an increase, bringing the new total to Rs. 13,500. This change is a step forward in supporting low-income families in Pakistan.
1. BISP Payment Increase: What You Need to Know
The BISP has announced that the quarterly stipend for its beneficiaries will increase by Rs. 3,000. This means recipients will now receive Rs. 13,500 instead of the previous Rs. 10,500. The new payment structure will start in January.
2. Why the Increase in Benazir Kafaalat Payment?
This adjustment aligns with the IMF’s efforts to strengthen social safety nets in Pakistan. By increasing the payments, the Benazir Kafaalat program aims to provide better financial support to those who need it most. The IMF, along with the World Bank, has been working to enhance the effectiveness and reach of the BISP.
3. Budget for the Current Financial Year
The BISP’s budget for this financial year is Rs. 599 billion, which is about 0.5% of Pakistan’s Gross Domestic Product (GDP). This is a 27% increase compared to the previous year, showing the government’s commitment to improving the program.
| Details | Information |
|---|---|
| Previous Payment | Rs. 10,500 |
| New Payment | Rs. 13,500 |
| Budget for BISP | Rs. 599 billion |
| Percentage of GDP | 0.5% |
| Increase from Last Year | 27% |
4. Upcoming Improvements in BISP
- New Enrollments: The BISP will continue to accept new enrollments for the next three years. This is to ensure more families in need can benefit from the program.
- Electronic Payment System: To improve transparency and banking options, a pilot electronic payment system is being introduced. The wider rollout of this system is scheduled to start in January.
5. IMF’s Role in Enhancing BISP
The IMF has played a crucial role in the recent improvements to BISP. As part of its conditions for providing loans to Pakistan, the IMF emphasized the need to enhance social welfare programs like BISP. These measures are meant to make the system more efficient and user-friendly.
Conclusion
The increase in BISP payments to Rs. 13,500 is a positive step towards supporting families in need across Pakistan. With the backing of the IMF and other international bodies, BISP is poised to become more efficient and helpful for its recipients. The new electronic payment system and continued enrollments highlight the government’s commitment to the program’s growth and improvement.