IMF Calls For Increased BISP Payments to Support 9.5 Million Families

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The International Monetary Fund (IMF) has called for an increase in the payments provided by the Benazir Income Support Programme (BISP) to over 9.5 million registered families in Pakistan. This decision comes in response to Pakistan’s ongoing economic difficulties and the need for stronger social protection measures. The IMF emphasized the importance of enhancing social safety nets to mitigate the negative impacts of economic reforms on low-income households. This increase in payments is aimed at providing better financial support to these families, helping them cope with rising inflation and living costs.

IMF Recommendations For Expanding The BISP

The IMF has made several recommendations to expand and improve the BISP. Firstly, they suggest increasing the financial assistance provided to BISP participants to help them adjust to the growing living expenses. Secondly, they recommend extending the BISP’s reach to additional families who are not currently receiving support but are in need of financial assistance. Thirdly, the IMF urges improvements in the program’s efficiency and transparency, ensuring that the funds reach the right people. This includes better targeting strategies and reducing administrative costs to make the program more effective.

Budget for BISP in 2024

In 2024, the Pakistani government significantly increased the budget for the BISP. The budget has been enhanced by 27%, reflecting the government’s commitment to addressing economic hardships and eradicating poverty. The enhanced budget aims to provide greater financial relief to low-income families, supporting their basic needs and improving their quality of life. This increase is part of a broader effort to strengthen Pakistan’s social protection measures and mitigate the impacts of economic challenges on vulnerable populations.

Benazir Kafalat Program – Latest Update

  • The Benazir Kafalat program will support 9.3 million families in 2024.
  • Each eligible family will receive a quarterly payment of 8,750 rupees.
  • The program’s budget for 2024 is set at 346 billion rupees.
  • Families can enroll by sending their 13-digit CNIC number to 8171.
  • Approved applicants will receive payments every three months.
  • The initiative aims to provide sustained financial assistance to low-income families to improve their well-being

Implementation and Challenges

While the increased payments and expanded coverage of the BISP are beneficial, there are several challenges in implementation. Ensuring that all eligible families are aware of the program and know how to apply is a major hurdle. Additionally, there are logistical challenges in reaching remote and rural areas where access to information and resources is limited. Furthermore, maintaining the efficiency and transparency of the program is crucial to prevent corruption and ensure that funds reach the intended beneficiaries. Addressing these challenges is essential for the success of the BISP.

Also Read: Eligibility and Benefits of Punjab’s Plot Allotment Scheme 2024

Conclusion

The IMF’s call for increased BISP payments represents a significant development for millions of families in Pakistan. With the enhanced budget and new recommendations, the Benazir Income Support Programme aims to provide better financial assistance, expand its coverage, and improve efficiency. These efforts are crucial in mitigating the economic challenges faced by low-income households and ensuring their well-being. Continued efforts to address implementation challenges will be vital for the program’s success and its ability to support vulnerable populations effectively.

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