Govt Approves $330M Additional Budget to Expand BISP Program
The Government of Pakistan has approved an additional $330 million budget to enhance the Benazir Income Support Programme (BISP), aiming to alleviate poverty and provide financial assistance to vulnerable families across the country. This initiative underscores the government’s commitment to social welfare and economic stability.
$330 Million Loan Approval for BISP
On November 17, 2024, the Central Development Working Party (CDWP), chaired by Planning Minister Ahsan Iqbal, approved a concept paper for the Integrated Social Protection Development Programme (ISPDP). This approval facilitates securing an additional $330 million loan from the Asian Development Bank (ADB) to bolster BISP’s funding. The loan will serve as budget support to enhance the central bank’s reserves, with the rupee equivalent used for cash disbursements to BISP beneficiaries.
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ADB to Charge 2% Interest on Loan
The ADB has agreed to provide this loan at an interest rate of approximately 2% in dollar terms. Previously, the ADB had extended $600 million to BISP, of which about $500 million has been utilized. This additional financing reflects ADB’s continued support for Pakistan’s social protection initiatives.
BISP Program to Reduce Poverty in All Provinces
BISP is Pakistan’s largest social safety net program, providing unconditional cash transfers to over 9.3 million families nationwide. The program targets women with families, excluding never-married women to prevent duplication. Despite social protection being a provincial responsibility under the constitution, the federal government continues to manage BISP due to provinces’ reluctance to assume ownership. This expansion aims to reduce poverty and support low-income households across all provinces.
How the $330M Loan Will Be Used
The additional $330 million funding will be allocated to various components to enhance BISP’s effectiveness:
- Educational Support: Providing access to primary and secondary education for children and adolescents from poor families, including non-formal basic education and accelerated learning programs for out-of-school children.
- Health and Nutrition Services: Offering health services and nutrition supplies to women, adolescent girls, and children, addressing the potential impact of climate change on nutrition.
- Institutional Capacity Building: Strengthening BISP’s institutional capacity for social protection and climate resilience to ensure sustainable program implementation.
- Geographical Expansion: Extending free health and nutrition services to all districts in Khyber Pakhtunkhwa and Balochistan, as well as Azad Kashmir and Gilgit-Baltistan.
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BISP: Support System for Eligible Women and Their Children
BISP focuses on empowering women and supporting their families through financial assistance and access to essential services. By providing unconditional cash transfers, educational opportunities, and health services, BISP aims to uplift marginalized communities and promote socio-economic development. The program’s expansion will further enhance its reach and impact, benefiting more families across Pakistan.
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Last Words
The approval of an additional $330 million budget for BISP signifies a significant step towards strengthening Pakistan’s social safety net and addressing poverty nationwide. With the support of the ADB and the federal government’s commitment, BISP is poised to expand its services, providing much-needed assistance to vulnerable families and contributing to the country’s socio-economic development.