BISP set to receive significant stipend increase

KARACHI: The Benazir Income Support Program (BISP) is set to receive a significant boost, thanks to the International Monetary Fund (IMF). The quarterly stipend for BISP recipients will increase by Rs. 3,000, bringing the total quarterly stipend to Rs. 13,500 from January, up from the current Rs. 10,500.

This development comes as part of the IMF’s efforts to enhance the BISP and its administrative systems, in collaboration with the World Bank.

The BISP has a substantial budget of Rs. 599 billion for the current financial year, accounting for 0.5% of Pakistan’s Gross Domestic Product (GDP, representing a 27% increase from the previous year.

In addition, the program will remain open for new enrollments for the next three years, providing a vital safety net for those in need.

In addition to the stipend increase, a new electronic payment model is being piloted, offering users more banking options and transparency. This innovative model will be gradually rolled out to other cities starting in January.

The IMF’s support for the BISP is part of its broader engagement with Pakistan, which includes providing financial assistance to help the country overcome economic challenges.

With the IMF’s backing, Pakistan is taking significant steps towards strengthening its social safety nets and promoting economic stability.