EVERY SO OFTEN we hear the phrase “a promise is a comfort to a fool”, not always realising the impact of these words. Such is the situation with the persistent reluctance of the Government of Barbados to pay off its debt to the University of the West Indies.
We all know and understand the fiscal challenges facing the Freundel Stuart administration. It has a long list of creditors to satisfy, interest payments to make and still meet its other critical financial obligations, including wages.
Understandably, the inflow of funds is not what Minister of Finance Chris Sinckler would like it to be. This is not the sort of dilemma private sector businesses would want to face. But paying their debts is a must.
So, as difficult as it may be, even in the face of unplanned money demands, Government is not expected to default on any of its payments. That is a record Barbados must keep intact.
This is why the failure to fulfil its obligation to the university is so very puzzling, in spite of promises to do so.
No one really expects Mr Sinckler to find almost $190 million to pay the university in one go. But, certainly some effort ought to be made to pay in instalments of an agreeable amount.
The Cave Hill campus must have the money for simple everyday needs. Given its highly publicised debt problems few businesses will accept a letter of credit from the UWI. The campus in turn will be unable to refurbish its facilities and will be limited in its capacity to introduce new programmes. The plan towards ensuring that the Cave Hill campus becomes self-sufficient is made all the more difficult in the tight economic circumstances it now finds itself. It can also be a turn-off for would-be students who are now much more selective and have greater choice of colleges to pursue tertiary education.
This financial quagmire affecting the UWI may reach the very embarrassing stage at which staff salaries may not be paid on time.
We support the view that the UWI does not hold favoured status is this island. It is no more important than the Queen Elizabeth Hospital or the Royal Barbados Police Force. But, the university is a significant contributor to the country’s economic and social life and failing to pay down the debt owed will only affect Barbadians and Barbados.
Neither growth in tuition revenue nor the miniscule endowments it attracts will solve the Cave Hill campus’ immediate problems. Mr Stuart and his administration have an obligation to the Cave Hill campus. They must appreciate that the debt will not simply disappear because it is not paid. It must be honoured.