But, The UWI is here to serve the development of the region as its top priority, and has therefore taken on an enrolment of 50,000 students, beyond its financial capacity. But with the region at the bottom of the hemisphere in student enrolment, and undermining economic growth and development, The UWI has had to function with a significant measure of deficit financing for the public good. We are managing this situation with considerable financial skill and within a diplomatic discourse with our governments. But this situation is not sustainable. The need for a new financial regime is now upon us. We are deeply preparing for the roll out of a new model in which the private sector and our 100,000 alumni will be invited to invest. The State sector has done very well these past 72 years. It is time for the private sector to step up beyond philanthropy, and for the University itself to be more entrepreneurial. Implementing this new business and finance regime is the primary task of the next few years. The UWI’s reputation as a globally elite university has never been higher. We are respected and celebrated more than ever. This reputation revolution now has to be converted into a more sustainable financial model. This is our remit for 2020-2022, the second part of our Strategic Plan period. It’s an exciting time for us to implement the new financial order, but first we have to be precise and perfect in our conception. The success of this financial transformation will depend on the support of all stakeholders. It will be excellent for the institution and good for the region it serves.
Professor Sir Hilary Beckles, Vice-Chancellor, The University of the West Indies
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