It has been just revealed the fact that there will be a massive cash handout to the residents in a US state. Check out more details about this below.

Massive cash handout to residents in a US state

One of the largest oil-producing states in the US, Alaska, is reportedly planning to give away billions of dollars to help people cope with inflation.

Governor Mike Dunleavy has revealed a budget plan for next year that will allocate $2.3 billion to the state’s Permanent Fund Dividend (PFD), according to the Associated Press.

If approved, the PFD will provide approximately $3,400 to Alaska residents under the sole condition that they fill out a simple form. The PFD, which was established in 1980, is funded by deposits from the state’s oil and mining revenues.

In 2022, Alaska produced over 159 million barrels of oil and stood as the fourth-largest oil-producing state in the country.

According to Republican Governor Dunleavy, the PFD will serve as financial assistance to recipients amid the rising prices of goods and services.

Says Dunleavy in a news conference,

“[Inflation is] taking a bite out of everybody’s pocketbook. So we’re hoping that we can keep the PFD as high as possible to help Alaskans afford groceries, afford fuel, etc.”

According to Alaska Public Media, the Permanent Fund Dividend (PFD) would be the biggest spending item in Governor’s $10.5 billion budget proposal for the 2025 fiscal year, which spans from July 2024 to June 2025.

The PFD is a program that has been providing cash payments to Alaskan residents since 1982 and is considered a form of basic income for the state.

In other recent news, a San Francisco-based cryptocurrency exchange has agreed to pay over $1.2 million as a settlement for violating US sanctions related to Russia and Ukraine.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has confirmed that CoinList Markets (CLM) processed hundreds of transactions that violated the government’s embargo policies.

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