Budget 2016-17 Business

Govt allocates 4.5 % of GDP for poverty reduction

Latest Update: June 3, 2016 | 221 Views

ISLAMABAD: The government is fully committed to follow a sustained poverty reduction strategy and allocate a minimum of 4.5 percent of GDP for social and poverty related expenditure.

According to the Economic Survey unveiled by Finance Minister Ishaq Dar here on Thursday, the government prioritized 17 pro-poor sector through the Medium Term Expenditure Framework (MTEF) in the PRSP-11.

Expenditure on pro-poor sectors were increased and amounted to Rs. 2,162.7 billion, which was 7.9 percent of GDP.

During July – December of the current fiscal year 2015-16 , Rs. 1,123 billion expenditure have been made in these sector. BISP is continuing to eradicate extreme poverty through provision of cash transfers.

The monthly installment was enhanced by the present government has yet again increased the annual stipend from 18,000 per annum to Rs. 18,800 per anum per beneficiary from July 01,2015.

The present government would be enhanced the BISP budgetary allocation to Rs.102 billion in current FY 2016.

The number of BISP beneficiaries is expected to increase from 5.0 million on FY 2015 to 5.3 million by the end of FY 2016.

Pakistan Poverty Alleviation Fund (PPAF) also provides assistance in micro-credit, water and infrastructure, drought mitigation, education, health and emergency response interventions.

An amount of Rs. 5303.53 million is distributed in bulk for Zakat amongst the provinces and other administrative areas for FY 2016.

Pakistan Bait-ul-Mal (PBM) is also making efforts for eradication of poverty by providing assistance,in this regards during July 2015 to March 2016, PBM has managed to disburse an amount of Rs. 3132.39 million to its core projects.



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