IMF Gives a Thumbs Up to Boost Benazir Kafaalat Stipend
Exciting news for families benefiting from the Benazir Kafaalat program! The International Monetary Fund, or IMF, has granted approval for an increase in financial aid under this crucial initiative. This program, managed by the Benazir Income Support Program, plays a pivotal role in uplifting impoverished families and fortifying Pakistan’s social security system. Currently supporting around 9.5 million families with cash assistance every quarter, this program significantly impacts the lives of many deserving women.
Details of the Stipend Increase
The recent approval by the IMF entails an enhancement of Rs. 3,000 in the quarterly stipend provided to the program beneficiaries. Previously receiving Rs. 10,500 every quarter, recipients will now be entitled to Rs. 13,500, effective from January 2024. This strategic move aims to shield vulnerable families in Pakistan from economic crises and inflation, fostering a path towards improved living standards.
Role of IMF and World Bank
The IMF and the World Bank are collaborating to enhance the Benazir Income Support Program and its management system. With the current budget allocated for the program being Rs. 599 billion for the fiscal year, representing a 27% increase from the previous year, this strategic investment constitutes 0.5% of Pakistan’s GDP.
New Registrations, Initiatives, and Reforms
In addition to the stipend increment, new registrations have opened for the program, extending its benefits to more underprivileged families over the next three years. Moreover, a pioneering electronic payment model initiated by the Benazir Income Support Program aims to ensure timely disbursement of funds to beneficiaries, thereby enhancing transparency. The successful pilot phase of this model will pave the way for its nationwide implementation by January 2025.
Conclusion
The IMF’s green light for boosting financial aid under the Benazir Kafaalat program signifies a significant relief, empowering eligible families to receive Rs. 13,500 quarterly. This increase aims to bolster the economic stability of deserving families, propelling them towards prosperity. The commencement of new registrations heralds a positive outlook for families seeking support, allowing them a window of three years to enroll. This promising development heralds a brighter future for many deserving families in Pakistan.
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