BISP Board Approves Record Rs. 471 Billion Budget for FY 2023-24
Islamabad, Pakistan – The Benazir Income Support Programme (BISP) Board has approved a record budget of Rs. 471 billion for the fiscal year 2023-24, reflecting the government’s commitment to expanding social safety nets and addressing the economic challenges faced by low-income households in the country. The decision, made in a recent board meeting chaired by Federal Minister for Poverty Alleviation and Social Safety, Shazia Marri, marks a significant increase from previous years, underscoring the critical role BISP plays in alleviating poverty.
Background and Objectives
Established in 2008, BISP is one of Pakistan’s largest social protection programs, aimed at providing financial assistance to underprivileged families. Over the years, it has grown to encompass a variety of initiatives, including unconditional cash transfers, health insurance schemes, and skill development programs. The approval of the Rs. 471 billion budget highlights the government’s ongoing efforts to expand these services, with a focus on enhancing the impact of BISP on the nation’s most vulnerable populations.
The primary objective of the increased budget is to broaden the scope of BISP’s existing initiatives while introducing new programs that can further strengthen the socio-economic resilience of low-income families. The budget also aims to address the challenges posed by inflation, unemployment, and the rising cost of living, which have disproportionately affected the poor.
Key Budgetary Allocations
The Rs. 471 billion budget is strategically allocated across several key areas to maximize the program’s impact:
- Unconditional Cash Transfers (UCT): A significant portion of the budget, approximately Rs. 300 billion, is allocated for Unconditional Cash Transfers, which will benefit over 9 million families. The increase in UCTs is intended to help households cope with the rising cost of essential commodities, such as food and fuel.
- Benazir Kafalat Program: This flagship initiative of BISP, which provides financial assistance to the most vulnerable women in society, will receive a substantial budgetary boost. The program is expected to increase the monthly stipend for beneficiaries, providing them with greater financial security.
- Health and Education Initiatives: The budget also includes allocations for health and education programs, such as the Benazir Taleemi Wazaif, which incentivizes school enrollment and retention among children from low-income families. These initiatives aim to break the cycle of poverty by investing in the next generation.
- Skill Development and Economic Empowerment: Recognizing the importance of sustainable livelihoods, the budget includes funds for skill development programs that will provide vocational training to youth and women. These programs are designed to enhance employability and promote entrepreneurship, thereby reducing dependency on cash transfers in the long term.
- Technology and Data Management: To improve the efficiency and transparency of BISP, a portion of the budget is allocated for upgrading the program’s technological infrastructure. This includes the expansion of the National Socio-Economic Registry (NSER) and the integration of digital payment systems to ensure timely and accurate disbursement of funds.
Impact and Future Prospects
The record budget for FY 2023-24 is expected to have a profound impact on the lives of millions of Pakistanis. By expanding the reach and scope of BISP, the government aims to not only provide immediate financial relief but also to create pathways for long-term socio-economic development.
Federal Minister Shazia Marri emphasized that the increased budget reflects the government’s commitment to reducing poverty and improving living standards for the marginalized. She also highlighted the importance of collaboration with provincial governments, non-governmental organizations, and international partners to achieve BISP’s objectives.
Looking ahead, the BISP Board is focused on continuously evaluating the program’s performance and making necessary adjustments to ensure its effectiveness. The board also plans to explore new avenues for resource mobilization, including partnerships with the private sector, to further enhance the program’s sustainability.
In conclusion, the approval of the Rs. 471 billion budget marks a significant milestone for BISP and Pakistan’s broader social protection agenda. As the program continues to evolve, it will play a crucial role in shaping a more inclusive and equitable society, where the benefits of economic growth are shared by all segments of the population.