Caribbean governments owe UWI over $100 million – Vice Chancellor Beckles

Caribbean governments owe the University of the West Indies (UWI) more than US$100 million and as a result the regional tertiary institution says it is “very concerned” about the situation.

According to UWI Vice Chancellor, Sir Hilary Beckles, in 2016 the institution contracted a private company to examine the financial strength of the university.
The company reported that the university was facing financial challenges and there must be restructuring in its internal operations and generate more revenue. “They are saying that we are going to be in significant financial difficulty unless we are able to get an annual injection of US$75 million,” he said.

“That is where the rubber hits the road because at the moment the debt owing to this university by the governments of the Caribbean is US$105 million”, adding they are saying to us if we do not collect these receivables, we are going to be in trouble as a university.”

Beckles described the financial situation as a damaging situation “because without a budget there is no campus”.
According to the independent report, UWI will have to engage new instruments to raise the required capital for the next 5-year developmental plan, given that “not all regional governments are able to make the financial commitments” to the institution.

Beckles said that regional governments were contributing less than 50 percent to the overall operations of the UWI.

The University of the West Indies has campuses in Barbados, Jamaica and Trinidad & Tobago. -(CMC)