Last Updated on: 22nd May 2024, 12:06 pm
The Pakistan government, in talks with the International Monetary Fund (IMF), has reached an agreement to increase the budget allocated for the Benazir Income Support Program (BISP) by Rs60 billion. Consequently, the budget for the next fiscal year will be increased from Rs470 billion to Rs530 billion.
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Important Points of Benazir Kafalat Increment:
- Budget Increase: The budget allocated to Benazir Kafaalat will be increased from Rs470 billion to Rs530 billion.
- Expanding the number of beneficiaries: The program aims to expand its reach to 20 million households by September, representing a significant increase in the number of beneficiaries.
- Improved Financial Aid: There are proposals to increase the scholarships that beneficiaries receive.
- Targeted subsidies: The use of BISP data serves to implement targeted subsidies more effectively.
- Provincial cooperation: Provinces are encouraged to participate in reducing the social security burden.
Increase in Budget of BISP Kafalat:
The agreement with the IMF entails a substantial rise in the Benazir Kafalat Program budget:
| Fiscal Year | Previous Budget (Rs Billion) | New Budget (Rs Billion) |
|---|---|---|
| Current Year | 470 | – |
| Next Year | – | 530 |
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Increment in Number of Kafaalat Beneficiaries:
BISP currently reaches 9.3 million people. The aim is to cover 20 million households by September, a notable expansion to ensure broader support coverage.
Stipend Amount Increased:
In addition to increasing the number of benefit recipients, there are also proposals to increase the allowances provided in order to provide more financial support to needy families.
Targeted Subsidies and Social Protection:
Given the importance of expanding social protection programs to combat poverty, the plans include using BISP data to more effectively implement targeted subsidies and mitigating the impact of social tariffs on electricity through cash transfer programs.
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Provincial Involvement:
To support these efforts, the government seeks provincial participation in sharing the social security burden and promotes a collaborative approach to enhance the overall impact of the program.
Current Programs and Beneficiaries:
At the moment:
- Health Cash Transfer Program: Supports 900,000 families.
- Education Cash Transfer Program: 1.9 million children enrolled.
Additionally, a recent briefing at the IMF mission noted that an additional 300,000 families have been included in the sponsorship program this year.
The IMF emphasized the importance of greater transparency and administrative efficiency within the BISP. These measures aim to ensure an effective use of the expanded budget and resources for the target groups.
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Concluding Words
The injection of 60 billion rupees into Benazir Kafalat Program’s budget represents a significant step towards strengthening social protection in Pakistan. This budget increase, coupled with the increase in beneficiaries and increase in allocations, underlines the government’s commitment to eradicating poverty and To help low-income families. Through targeted subsidies, greater transparency, and efficient administration, Pakistan strives to optimize the use of resources. By working with provincial governments and adhering to IMF guidelines, Pakistan aims to build a more resilient and equitable social security system, improving the quality of life for millions of citizens.