With the University of Guyana (UG) in debt to the tune of around $250M at the end of last year, Bursar John Seeram has indicated that a significant increase in the institution’s budgetary subvention is needed to solve its financial woes.
This is according to correspondences, seen by Stabroek News and which show arrears to the National Insurance Scheme (NIS), the Guyana Revenue Authority (GRA) and the UG Pension Scheme totalling $251M. As a result of the situation, the Ministry of Education has urged the Bursar to address UG’s arrears, which constitute a breach of its statutory obligations. The University of Guyana Senior Staff Association last year highlighted UG’s cash flow problem, saying that the administration was forced to make a choice of paying salaries to staff or NIS, GRA and pension contributions.
In a letter to the Committee of Deans on UG’s Financial Statement, dated January 21, 2013, Seeram said that for the past six years the university’s income has been unable to cover its expenditures, which continue to increase.
“At the end of December 2012, there were liabilities of approximately $250m… The University does not have the income to clear these liabilities over the next three (3) months,” he wrote.
Seeram indicated that considerations were being made to cover
