Chairperson Benazir Income Support Programme (BISP), Dr Amjad Saqib Thursday said that the newly launched `BISP Saving Scheme’ will change the poverty landscape in the country by focusing on savings which can help make the people self-reliant.
Addressing the launching ceremony of the BISP Saving Scheme held at a local hotel, the chairperson said “Like many other schemes of BISP, the Saving Scheme can change the poverty landscape with our focus on savings which is extremely important”.
He said that poverty is like a poison and poverty eradication is the first and prime responsibility of every person on this planet.
The chairperson said that around 150,000 people will be selected under this scheme on a first come first serve basis through Pakistan’s selected districts however the scope of this scheme will be further expanded in future.
The beneficiaries have to save a small portion of their income in their ‘savings accounts while the government will pay additional forty percent of consumer savings which will come in handy for consumers to deal with any uncertain situation and emergencies.
The scheme is for both men and women, he said while urging those eligible to be a part of this scheme.
Dr Saqib said that the objective of the BISP Savings Scheme is to inculcate financial independence and saving habits among consumers.
The savings will be a protective measure to support deserving people during the emergencies when informal economy shrinks and people lose jobs.
He said that BISP is an internationally acclaimed and largest social protection program which has been working for the last 15 years through gaining strength and implementing many pro-poor initiatives.
The primary initiatives of BISP include Benazir Kafaalat, Benazir Education Stipends, Benazir Nashonuma, and Benazir Undergraduate Scholarship however one of the biggest achievements is the creation of the National Socio-Economic Registry which is truly reliable and benefits the deserving ones besides extending support in emergencies.
The chairperson of BISP said that microfinance is one of the most important strategies for poverty alleviation which means the provision of financial services to the poor in the form of credit, savings, insurance, transfer of money etc.
Speaking on the occasion, Additional Secretary BISP, Dr Tahir Noor said that the scheme, as a pilot project, has been launched in Gilgit and Astor in Gilgit Baltistan; Muzaffarabad and Neelum in Azad Jammu and Kashmir; Peshawar and Lucky Marwat in Khyber Pakhtunkhwa; Lahore and Multan in Punjab; Quetta and Qila Saifullah in Balochistan; Karachi and Sukkur in Sindh and Islamabad.
Dr Tahir Noor said that the BISP saving scheme as a hybrid social protection initiative has been launched to support vulnerable communities, making them elf-sufficient.
The hybrid scheme blends social assistance with social risk mitigation elements to promote savings that the vulnerable segments can fall back on in case of shocks.
The basic model is a contributory saving scheme with matching incentives, with a short-to-medium-term horizon for withdrawals.
The World Bank, Asian Development Bank, UNICEF, GIZ, German Corporation, Ministry of Poverty Alleviation and Social Security Subsidiaries representatives and senior government officials participated in the event.
The certificates were distributed among needy women participating in the saving scheme through the BISP portal.
