Financing Model for Tertiary Institutions Being Reviewed

A financing model for tertiary institutions is being reviewed by the Cabinet – The Ministry of Education (MOE) says the cabinet is reviewing a drafted document for the sustainable funding of tertiary institutions. The statements were made during the Ministry’s appearance before the standing finance committee after reports of the universities being cash strapped due to the pandemic and the government’s new funding model to support only what it can but not necessarily what the universities need.

The coronavirus pandemic is seemingly squeezing the cash flow of several tertiary institutions. The domino effect of the lapse in tuition fees, virtual classes, and the restoration of only essential services are affecting the finances of the major universities.

For this fiscal year, the university of the west indies will receive 9.2 billion dollars from the govt, the same as last year

While the university of technology will get, 2.9 billion down from 2.8 billion for the 2020/2021 financial year. Education Minister, Fayval Williams says the government has been upholding its obligation to the institutions.