PNG Government eyes revenue plan for universities
While the universities would benefit from increased funding to upgrade ailing infrastructure in the campuses, the government wants internal revenue raising models improved and strengthened so these institutions are in a stronger and more secure financial position.
Mr O’Neill this week wrote to Minister for Higher Education, Research and Science Malakai Tabar to immediate undertake consultations with universities to develop a policy framework to achieve this.
The consultations would include reviewing current business models the universities use, and ways assets and professional services can be best utilised to improve revenue.
This could include the possibility of universities entering into real estate businesses, making full use of vacant land, houses and flats that they own which do not generate revenue at present.
The Prime Minister said while the universities would continue to depend on the government to finance their operations, these institutions have the potential to generate more revenue to help sustain many of their operations.
"Many universities around the world are now operating on business models, which allow them to generate internal revenue to fund their ongoing operational and capital investment activities. It is opportune time now for our universities to adopt such business-like approach," the Prime Minister told Mr Tabar in the letter.
He said he was aware that universities currently operate business arms, but they are inefficient or not structured properly, and need to be reviewed so that their new structure is premised on good governance and business principles.
The Prime Minister urged the minister to give this top priority so a policy initiative is developed and announced and is catered for in the 2015 national Budget.
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PNG Today / Post Courier
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