The Benazir Income Support Program (BISP) is an initiative of the Federal Government of Pakistan that aims to assist the country’s poorest and most vulnerable residents. The government’s new initiatives and programs for BISP under Budget 2023 aim to reduce poverty and protect the most vulnerable members of society.
The Basic Income Support Program (BISP) is Pakistan’s largest safety net program, with the goal of protecting the country’s most economically and socially disadvantaged residents. Money transfers, building assets, government spending, and social safety nets are all part of the plan to lower poverty levels.
BISP New Programs in Budget 2023
In contrast to popular belief, the Benazir Income Support Program (BISP) would only receive 450 billion rupees in 2023-24, an increase of only slightly more than 10% from the revised value of Rs 408 billion in the outgoing FY 2022-23.
Earlier, it was widely reported that the government would provide financial aid to more than 10 million beneficiaries and their families, who are in desperate need of support in the aftermath of rampant inflation, totaling at least Rs 500 billion.
There appears to have been a lack of openness in BISP’s budget for the current fiscal year. The government declared in June that Rs 364 billion were set aside for BISP in the current fiscal year. It was then reported that Rs 360 billion would comprise this budget.
The BISP has introduced numerous new initiatives to be implemented in Budget 2023, including but not limited to cash payouts and asset creation programs:
Micro-credit loan program
For those in need, BISP offers a loan program where people can borrow up to Rs. 10,000 to put towards starting or expanding a small business. Loan payback terms will be established in accordance with the borrower’s income in order to maximize investment opportunities while still meeting contractual obligations.
Social Protection Scheme
The goal of this program is to help BISP participants who are severely and persistently poor. Pensioners, single mothers and fathers, and others in unusual circumstances may fall into this category. The federal government will help fund the BISP so that it can provide its recipients a regular salary.
Skill Development program
Training for low-income families in a variety of skillsets is the goal of BISP’s Skill Development Program. Beneficiaries of this program will receive language and computer instruction, as well as vocational training, with the goal of improving their employability.
Women’s Empowerment Program
The goal of this initiative is to help women business owners and female-headed households increase their income so that they can break free of poverty. The recipient will receive direct funding to start small companies or attend vocational training in areas like tailoring and beauty parlors under this program.
Food Security Program
The goal of the BISP food rationing program is to ensure that low-income families have access to adequate nutrition.
Health Insurance Program
The goal of this program is to ensure that even the poorest families in the country have access to some form of health insurance. BISP will help these families financially by contributing to both private and public health insurance programs.
The overall goal of Budget 2023 and the BISP’s efforts is to help Pakistan’s most disadvantaged individuals financially and socially. The availability of financial aid and other opportunities is another goal of these programs. In addition to aiding low-income families, BISP’s initiatives can provide a safety net for those who have lost their jobs as a result of the pandemic’s economic effects. Collectively, these steps make Pakistan’s economy friendlier to its residents.