Budget of BISP to 593 Billion
The Pakistani government will allocate more funds to the Benazir Income Support Programme (BISP). Next year, the budget will reach a record BISP to 593 Billion. This decision came after discussions with the International Monetary Fund (IMF), which advocated for increased assistance to more people due to rising prices. Specifically, the budget is Rs 592.5 billion, which is Rs 121 billion or 26% higher than the previous budget.
What are the implications of increasing the BISP budget?
The new budget of BISP has been increased to 593 billion. While in the past years, the amount of this budget has been increased by 26% from 472 billion rupees. Adding more money will help more people
New budget: Rs 593 billion this year
Number of beneficiaries: 9.6 to 9.7 million people will get the money now
Current Beneficiaries: Benazir Kafalat program is currently receiving 9.3% of benefits
Additional compensation: Each family will now get Rs 13,000 every three months, up from Rs 10,500.
IMF Advice: Greater focus should be placed on rising inflation, health, education and electricity prices
Read More: Get Benazir Kafalat payment via 22 campsites
IMF’s Role and Recommendations
The IMF played a significant role in shaping the new budget plan, providing several recommendations:
- Add More Families: Include more families in BISP to cope with rising prices.
- Raise Compensation: Ensure that the monetary assistance increases with inflation so families can maintain their purchasing power.
- Electricity Help: Provide electricity subsidies exclusively to BISP families and offer direct cash assistance instead of general subsidies.
- Health and Education: Use cash transfer programs to enhance health and education outcomes for families.
- Read More: 1.3 Million Beneficiaries to Receive Payments via JazzCash 8171 Ehsaas Program
Conclusion
The new BISP to 593 Billion represents a substantial boost for Pakistan’s poorest families. With guidance from the IMF, the government aims to enhance the program’s effectiveness. More families will receive assistance, and the amount of aid will be adjusted to keep pace with rising prices. This plan not only provides immediate relief but also aims to improve long-term health and education outcomes for the most vulnerable populations.
Read More: BISP 10500 Dynamic Survey 2024
Read More: Ehsaas 8171 BISP News
FAQs
What is the new BISP budget?
The new BISP budget is Rs 593 billion.
How much did the budget increase?
The budget increased by 26% from last year’s Rs 472 billion.
Who will benefit from this budget?
The budget aims to help 9.6 to 9.7 million families.
How many people currently receive assistance?
Currently, 9.3 million people receive help from the Kafalat program.
How much will families receive now?
Families will get about Rs 13,000 every three months, up from Rs 10,500.
What did the IMF recommend?
The IMF recommended adding more families, increasing compensation with inflation, restricting electricity subsidies to BISP families, and improving health and education through cash transfers.
Why did the government decide to increase the BISP budget?
The decision was influenced by rising prices and the need to support more families, as advised by the IMF.
What is the primary goal of the BISP?
The primary goal of BISP is to reduce the impact of inflation on the country’s poorest people and improve their living standards.
How does BISP help with inflation?
BISP provides financial assistance to help families cope with rising costs, including healthcare, education, and utilities.
Will the increased budget affect the amount of aid received by families?
Yes, with the increased budget, families will receive higher compensation, adjusted to match inflation rates.
How will the new budget improve health and education for families?
By using cash transfer programs, the new budget aims to enhance health and education outcomes for BISP beneficiaries.
Read More: Ehsaas 8171 BISP News
