The future of thousands of Pakistani students studying at foreign universities on government-funded scholarships is at stake as the country’s economy is on a precarious path.
The federal government is reportedly facing extreme challenges due to the shortage of foreign currency and that is why it has not released the funds to the Higher Education Commission (HEC).
Last month, HEC Chief Executive Officer (ED), Dr. Shaista Sohail, had written a letter to the Secretary of the Finance Division, requesting to expedite the disbursement process of Rs. 4,750 million to the HEC.
He noted that currently, more than 2,800 Pakistani students are studying in foreign universities with scholarships.
HEC regularly sends scholarship funds to foreign universities, partner agencies, Pakistani embassies and Pakistani high commissions on account of the stipend and tuition fees.
The foreign exchange reserves held by the State Bank of Pakistan (SBP) witnessed a substantial outflow of 4 million, falling to . 8 billion, the lowest level since April 2014 when the central bank held . 11 billion. .
Meanwhile, net foreign reserves held by commercial banks amount to $5.88 billion. As of the week ending December 23, the country’s total foreign reserves stood at $11.7 billion.
Via: Dawn
