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UG owes $228M to GRA, NIS and pension scheme

Jan 24, 2013 News

 

–    Subventions needed to sustain UG viability

The University of Guyana (UG) owes the Guyana Revenue Authority, National Insurance Scheme and the UG pension Scheme $228.7M for employment cost outstanding for 2012.
According to reports, the premiere academic institution in the country had insufficient income over the last six years to meet its increasing expenditures.  As of December last there was a $250M liability, and as for the next three months the University will not be able to clear these liabilities.
However, it was further noted by authorities that discussions are in progress for the liabilities to be included in the 2013 budget and for the provision of adequate subvention to meet its 2013 expenditure.
In order to clear the liabilities, the Ministry of Finance has been granting advances from the student loan capital account. These advances have not been repaid. At the end of 2012, the $250M advance in May month was repaid to the student loan agency.
Thus, if the $250M was given as an increased subvention, the liabilities would have been reduced significantly at the end of December 2012.
The annual subvention for the year of 2012: Turkeyen 2011-$575M; Berbice 2011-$132M and for the year 2012 Turkeyen-$621M and Berbice $143M.

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