ISLAMABAD: Finance Minister Ishaq Dar has increased the stipend of the beneficiaries of the Benazir Income Support Programme (BISP) to Rs18,800 from Rs18,000 per annum with effect from July 1, 2015.

According to a statement issued on Saturday, the arrears will be paid with the next quarterly instalment.

Mr Dar took an approval from Prime Minister Nawaz Sharif after informing him about the hike in consumer price index (CPI) which had necessitated the increase.

The increase would mitigate inflationary effects on the around 5.2 million BISP beneficiaries, Mr Dar said, adding that now each beneficiary would be paid Rs4,700 after every three months.

He said the government had increased the allocation for the BISP to Rs105 billion from Rs40bn and the stipend to Rs18,800 from Rs12,000 in two years.

Published in Dawn, February 14th, 2016