It is a sad moment for universities in the region. Just as I was worrying about the fate of the once magnificent University of Puerto Rico in today’s extreme economic crisis on the islands, I saw this article on the University of the West Indies (UWI). Barbados Nations News reports:
The University of the West Indies (UWI) needs an annual cash injection of $75 million or its financial problems could get significantly worse. That is one of the conclusions of a firm contracted to carry out a diagnostic on the financial health of the institution.
“That is where the rubber meets the road because at the moment, that debt owed to this university by the governments of the Caribbean is US$105 million,” UWI vice chancellor Sir Hilary Beckles reported yesterday to the University Council meeting at Cave Hill.
“Here we have on our balance sheet a public debt of US$105 million owing to the university, but at the same time you can see that having a structural impact upon the university. They’re saying if we don’t collect these receivables, we are going to be in trouble as a university going forward.”
For original report, see http://www.nationnews.com/nationnews/news/96208/uwi-usd75-million