There is the latest update for all eligible beneficiaries of the Benazir Kafalat Program. The International Monetary Fund (IMF) has agreed to an increase in quarterly payments. The new installment will see a 28.6% increase in Kafalat payments from the previous amount of Rs 10,500 to Rs 13,500.
Any worthy woman who has not yet registered can do so at the nearest Tehsil office. The BISP NSER survey is still in process and will allow women to submit their financial details and receive a new monthly stipend amount through the Benazir Kafalat Program.
IMF Approves Rs 13,500 As New Stipend Amount for Kafalat
The IMF has given the green light for a significant increase in the stipend amount for the Benazir Kafalat scheme. The Benazir Kafaalat will increase beneficiaries’ quarterly installments by Rs 3,000 starting in January, bringing the total to Rs 13,500. This is a big step to support eligible households and even includes skill training opportunities for family members to improve their income.
IMF and World Bank Partnership to Improve BISP
The IMF, in partnership with the World Bank, is working to improve the framework and administration of the BISP. With a budget of Rs 599 billion for this current fiscal year, or about 0.5% of Pakistan’s GDP, this shows a 27% increase from last year.
One of the main objectives of the BISP is to ensure that the disbursement system remains transparent and that each beneficiary receives their payments respectfully. As Senator Rubina Khalid stated, these payments are a right of the beneficiaries, not a favor.
New IMF Loan Terms for Pakistan
In a recent report, the IMF disclosed the terms of its new loan agreement with Pakistan. This agreement encourages the government to work on economic reforms and create a stable environment for the private sector to help boost the economy.
After the approval of a 37-month extended fund facility worth $7 billion, Pakistan received its first IMF tranche on September 27. The State Bank of Pakistan confirmed that it received SDR 760 million (approximately $1,026.9 million) as the first tranche on Friday.
Last Words
The IMF’s approval of a 28.6% increase in the Benazir Kafalat program stipend amount is a major relief for beneficiaries as it will increase payments from Rs 10,500 to Rs 13,500. This will provide additional financial support to eligible women. Tehsil offices are still open for those who have not yet registered to complete National Socio-economic Registry surveys.