- Web Desk
- 6 Hours ago
Rs 390m conditional funds released to KP universities
PESHAWAR: A conditional fund amounting to Rs 390 million has been disbursed to four prominent universities in Khyber Pakhtunkhwa, marking a significant development in the realm of higher education funding.
The beneficiary institutions, including Peshawar University, Agricultural University, Engineering University Peshawar, and Gomal University DI Khan, have received the allocated funds.
However, this financial injection comes with stringent directives for the universities to cease all educational, travel, residential, and other subsidies previously extended to employees.
In a sweeping move, the Finance Department has mandated the universities to devise comprehensive short-term, medium-term, and long-term strategies, signaling a shift towards a more strategic and sustainable financial approach.
As part of enhanced financial management, the universities are now obligated to furnish all relevant data to the Finance Department, ensuring transparent and accountable fiscal practices.
Additionally, the implementation of the Contributory Pension Fund in universities has been made compulsory, further emphasizing fiscal responsibility and long-term financial sustainability.