Last Updated on: 17th November 2024, 04:25 pm
Today we bring the latest update for all the BISP beneficiaries: The International Monetary Fund (IMF) has agreed to increase the budget of the Benazir Income Support Program for the next fiscal year. The meetings between the IMF delegation and program officials confirmed not to cut the budget allocated for the cash transfer initiative, which is always helping eligible people across Pakistan.
The move follows five days of negotiations between the IMF and Pakistani officials that resulted in a commitment to increase monthly assistance to the BISP Program. The initiative received international appreciation for its transparency and impact, proving the IMF to approve the increase.
Govt of Pakistan Gets IMF’s Approval to Increase BISP Stipend by Rs 3,000
The IMF also approved increasing the BISP, a cash transfer scheme, monthly stipend for beneficiaries from Rs 10,500 to Rs 13,500. This increment will reduce the financial burden to households facing economic hardship.
BISP to Increase Number of Beneficiaries by 1 Crore
The Benazir Income Support Program will now add 1 crore more beneficiaries, expanding its reach and extending assistance to more needy families. The objective of this inclusion is to improve living conditions for even more households and deal with financial difficulties.
IMF Delegation Meets With Different Key Officials
In separate meetings with the FBR officials, provincial government representatives, and Finance Minister Senator Muhammad Aurangzeb, the IMF approved the provincial surplus budget while advocating for a tax on agricultural income. Punjab will lead the implementation of this tax, and other provinces will soon follow.
IMF to Levy a Super Tax on Agricultural Revenue
The revised figures provided by the Ministry of Finance showed the provincial budget surplus of Rs 360 billion in the first quarter of 2024-25, exceeding the target of Rs 342 billion. This achievement is in line with the IMF’s fiscal needs, as Punjab contributed Rs 40 billion to the surplus.
Last Words
The IMF’s approval of the budget increase and increased stipends for BISP shows its confidence in the program’s marks a significant step in assisting poor families across Pakistan. We really appreciate this initiative; millions of women now can achieve financial stability.