UNAM secured millions for shortfall
16 Feb 2017 19:50pm
WINDHOEK, 16 FEB (NAMPA) The University of Namibia (UNAM) has secured about N.dollars 391 million to cover the budget shortfall during the 2016/2017 financial year.
In a statement issued on Thursday, UNAM Chairperson of Council Sam Shivute said the Ministry of Finance made the necessary arrangement for the institution to secure the required funds from financial institutions to carry out its duty.
This follows an article in the Namibian Sun newspaper on Wednesday titled Unam blasts budget cuts in which UNAM Vice-Chancellor Lazarus Hangula is quoted from his opening speech for the 2017 academic year.
Shivute said this funding will be additional to the direct budgetary allocation of more than N.dollars 900 million for 2016/2017 financial year.
He said the financial challenges facing the university were brought to the attention of the Council last year and necessary engagements were made with relevant agencies such as the Ministry of Finance, Ministry of Higher Education, Training and Innovation; and Office of the Prime Minister.
All the political leaders consulted were very sympathetic to the challenges facing the University and indicated commitment to avail the necessary assistance.
Shivute said as the Ministry of Finance has not yet tabled the National Budget for the following financial year, there is no information to conclude that UNAM has been allocated N.dollars 600 million for 2017/2018 financial year.
He said the budget preparation process and engagements are underway and the final funding allocation to UNAM will only be confirmed once the National Budget is tabled in Parliament in March 2017.
I would like to highlight that the downturn in the economy has not only affect UNAM but other institutions and branches of Government as well.
Shivute said Council has resolved that the institution should develop measures and strategies to generate additional income to alleviate the burden and dependency on the National Budget.
I am positive and remain resolute that UNAM will withstand the current economic conditions and its financial situation will normalise in the near future.