The International Monetary Fund (IMF) has approved an increase in cash assistance under the Benazir Kafalat Program to provide additional relief to beneficiaries. The quarterly cash amount will be increased by PKR 3,000 starting from January 2024, raising the total to PKR 13,500 from the current PKR 10,500.
The IMF stated that efforts are underway to enhance the capacity of the Benazir Income Support Program (BISP), with support from the World Bank to improve the administrative system. The allocated budget for BISP in the current fiscal year stands at PKR 599 billion, accounting for 0.5% of the GDP. The annual budget for BISP has seen a 27% increase, and registration for the program will remain open for the next three years.
The IMF also revealed that a pilot for a new electronic payment model under BISP has been launched in two cities, offering more banking options and increased transparency. The new model will gradually be expanded to other cities starting in January.
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