Mottley to lead UWI team looking at loss drivers

• Author: Judana Murphy
• Published date: 30 April 2022
• Publication title: Gleaner, The (Kingston, Jamaica)

Vice Chancellor Professor Sir Hilary Beckles said rising government debt, impairments and post-employment benefits are three of the major systemic deficit drivers

Up to July 2021, there was US$51.3 million in government debt owing to the regional university.

"We have no control over that, but, when it rises and our auditors take the next step, which is to impair that ageing debt, we get hit twice – the debt and then the impairment," Beckles said in his report on the 2020-2021 academic year, during the opening segment of the meeting of the University Council on Friday.

Beckles said The UWI has a rich and diverse commitment for public investment, but it has had to carry responsibility for an unfunded pension liability.

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"These three issues cascade into a cocktail that, from time to time, adversely affects our balance sheet, and we are looking forward to the day when we can have a reform to enable us to manage these three issues separately, effectively, and, of course, within the rules of accounting," Beckles said.

He thanked the finance minister of Trinidad and Tobago, Colm Imbert, for agreeing to establish a subcommittee, under the leadership of Barbados Prime Minister Mia Mottley, to address the three issues.

"The work has started. The Mottley committee had invited Dr Dodridge Miller, president and CEO of Sagicor, to use his actuarial skills to examine the university's pension systems – the cost and the structure," the vice...