Three Leading KP Universities go Bankrupt – Research Snipers

Three Leading KP Universities go Bankrupt

Due to non-payments from the government, there leading Khyber Pakhtunkhwa (KP) universities have gone bankrupt. The Higher Education Commission (HEC) did not release any grants for these universities due to lack of funds, thus they are facing financial crisis. Also, the federal government has not given any supplementary funds for them either.

The universities that have gone bankrupt are University of Peshawar, Khyber Pakhtunkhwa Agriculture University and Gomal University Dera Ismail Khan. They don’t have any funds to pay their respective faculty and staff members.

Also read: HEC not to Provide Funds to the Newly Built Universities

These universities took a loan from banks to pay their employees, last month. Now as Eid is approaching, these universities have no idea as to how to pay respective salaries and pensions.

A reliable source said, “The universities don’t have any means to pay back the loans taken from different quarters.”

These universities requested the government and Higher Education Commission for a bailout but the request was declined. As per the Vice-Chancellor of the Agriculture University Prof Dr. Jehan Bakht, they were able to pay only 50% of the salaries even after taking loans.

Also, as a result, the staff unpaid has started to protest, compelling the university administration to take another loan from HEC.