BISP stipend to be increased

ISLAMABAD: Benazir Income Support Program (BISP) stipend will be increased by Rs 3000 after approval from the International Monetary Fund (IMF).

According to IMF, the quarterly stipend for BISP recipients will increase by Rs. 3,000, raising the total quarterly stipend to Rs. 13,500 from January who currently receive Rs. 10,500.

The IMF is working to enhance the BISP and its administrative systems, in collaboration with the World Bank, according to a local channel report.

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 The BISP has a budget of Rs. 599 billion for the current financial year, accounting for 0.5 per cent of Pakistan’s GDP. This represents a 27 per cent  increase from the previous year.

The program will remain open for new enrollments for the next three years. Additionally, a new electronic payment model is being piloted, offering users more banking options and transparency. This new model will be gradually rolled out to other cities starting from January, the channel reported.

The development came after the International Monetary Fund unveiled new loan conditions for Pakistan.