As the nation’s economy pursues a dangerous route, the destiny of thousands of Pakistani students receiving government-funded scholarships to attend institutions abroad hangs in the balance.
The federal government has reportedly not given the cash to the Higher Education Commission because it is experiencing severe difficulties due to a lack of available foreign currency (HEC).
Dr. Shaista Sohail, the Executive Director (ED) of the HEC, requested in a letter to the Secretary of the Finance Division last month that the distribution of Rs. 4.75 billion to the HEC be sped up.
She stated that more than 2,800 Pakistani students are now receiving scholarships to attend institutions abroad. On account of stipend and tuition expenses, the HEC frequently transfers scholarship funding to overseas colleges, partner organizations, Pakistani embassies, and Pakistani high commissioners.
The State Bank of Pakistan’s (SBP) foreign reserves had a significant outflow of $294 million, down to $5.8 billion, its lowest level since April 2014 when they held $6.11 billion.
The commercial banks’ total net foreign reserves currently total $5.88 billion. The nation’s total foreign reserves as of the week ending on December 23 were $11.7 billion.
