Khyber Pakhtunkhwa (KP) authorities has accredited a bailout of Rs. 250 million for the College of Peshawar (UoP) as it’s going through a scarcity of funds.
Earlier, it was reported that UoP, one of many oldest universities within the nation, was going through an financial disaster with no cash to pay salaries and pensions to its workers.
The choice to bail UoP out was taken in a high-level assembly headed by the finance minister of KP, Taimur Saleem Jhagra. Arshad Khan, secretary HEC, and Dr. Asif Khan, VC UoP, additionally attended the assembly.
VC UoP apprised the assembly with the prevailing monetary state of affairs on the institute. VC UoP reportedly demanded a mortgage of Rs. 400 million from the provincial authorities.
Dr. Asif Khan attributed the recruitment of additional workers, provision of allowances, and pointless expenditures by completely different departments as the first causes for the college’s dire state of funds.
Nonetheless, the finance minister determined to grant UoP a mortgage of Rs. 250 million in two tranches. The primary tranche of Rs. 100 million will likely be disbursed instantly whereas the second tranche of Rs. 150 million will likely be launched within the coming days.
To keep away from an analogous state of affairs sooner or later, the assembly beneficial VC UoP to rationalize the bills of the institute. The finance minister recommended VC that the institute ought to lower expenditures, cease the availability of additional allowances, scale back its unwise spending, and droop additional recruitment until the state of affairs will get higher.
KP authorities has strongly conveyed to the VC UoP that it can not bail the institute out every time it runs out of funds particularly at a time when the general financial outlook of the nation seems bleak.
By way of: Specific Tribune