Georgetown: Minister of Finance, Dr. Ashni Singh said that the Government is fully mindful of the circumstances in relation to the effects of each provision that was cut from the 2014 national budget.
Speaking specifically about the allocation of $450M for the provision of loans to students of the University of Guyana, the Minister assured that this matter is being looked with great urgency, given that the new September semester is fast approaching and appropriate actions will be taken.
He however lamented that the current level of repayment of these loans is unsatisfactory and measures are contemplated in terms of alternative courses of action to encourage greater level of compliance.
“I do not believe that it is unknown that the level of repayment is not where it should be, this is something that we recognise in Government. Corrective action has to be taken to achieve a higher level of compliance and repayment,” the Finance Minister said.
Over the years, a vast majority of the student population at the country’s premier tertiary institution benefited from student loans and a large percentage of new entries continue to apply for this facility.
This loan facility is designed to assist Guyanese, who, otherwise, would not have been able to pursue tertiary education in a field of their choice and in so doing, secure a brighter future for themselves and their families.
The Government has continuously made efforts to ensure that tuition fees at UG remain affordable, so much so that students from other Caribbean countries such as Jamaica and Trinidad and Tobago choose to pursue degrees programmes in Guyana.
Moreover, the process of accessing a student loan is simple and hassle-free; the only requirement is the signature of a guarantor.
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