The future of thousands of Pakistani students studying in foreign universities on government-funded scholarships is in the balance as the country’s economy treads a precarious path.
According to reports, the federal government is facing extreme challenges due to the shortage of foreign exchange at its hand and this is why it has not released the funds to the Higher Education Commission (HEC).
Last month, Executive Director (ED) of HEC, Dr. Shaista Sohail, had written a letter to Secretary Finance Division, requesting to expedite the process of disbursement of Rs. 4.75 billion to the HEC.
She noted that currently, more than 2,800 Pakistani students are studying in foreign universities on scholarships. The HEC regularly sends scholarship funds to foreign universities, partner agencies, Pakistani embassies, and Pakistani high commissions on account of stipend and tuition fees.
Foreign reserves held by the State Bank of Pakistan (SBP) witnessed a substantial outflow of $294 million, falling to $5.8 billion, the lowest level since April 2014 when the central held $6.11 billion.
Meanwhile, the net foreign reserves held by the commercial banks stand at $5.88 billion. As of the week ending on 23 December, the country’s total foreign reserves stood at $11.7 billion.
Via: Dawn
