Tuesday, October 15, 2024

10 universities on verge of financial collapse need 4 billion pesos

Ten of Mexico’s public universities are on the brink of collapse, staff and government officials have warned, a situation that can only be resolved with emergency funding of 4 billion pesos (US $213.7 million).

The institution at most imminent risk is the Autonomous University of Morelos, which could collapse financially as soon as next week. Rectors at San Nicolás Hidalgo, Michoacán, and Tabasco have warned that their institutions could follow suit “in a matter of days.”

By November, the schools will be falling like dominoes: the universities of Zacatecas, Nayarit and Sinaloa will find themselves in a similar situation, said Antonio Guzmán Fernández, rector of the Zacatecas Autonomous University (UAZ), and Zacatecas congressman Alfredo Femat Bañuelos.

UAZ needs 200 million pesos ($10.7 million) to pay salaries and year-end bonuses for the remainder of 2018, and  a similar amount to pay taxes and social security.

The 4 billion pesos required to stave off the financial collapse can only be allocated by the federal Finance Secretariat whose chief, José Antonio González Anaya, has been summoned by a congressional committee to discuss  the situation on Wednesday.

Source: El Universal (sp)

Have something to say? Paid Subscribers get all access to make & read comments.
IMF headquarters closeup photo with logo of the IMF in the center of the picture

IMF reduces Mexico’s growth forecast for 2024 and 2025

0
The IMF's GDP growth forecasts are just the latest in a recent trend of pessimistic growth predictions for Mexico by major financial institutions  
Young woman on a crowded street wearing a white, knitted winter hat with a pom pom and a white scarf and looking downward.

Cold fronts cool down central Mexico; wet weather continues in Yucatán

0
The Yucatán and Mexico's southern coastal states will see heavy rainfall this week, while freezing temps are heading for northern and central Mexico.
Claudia Sheinbaum's official presidential portrait

Sheinbaum unveils official presidential portrait

0
Sheinbaum's decision to stand for the portrait sets her apart from previous Mexican presidents who posed while seated in the presidential chair.