HEC to lose grant of $218 million

Higher Education Commission is likely to lose funding by the International Development Association (IDA) after failing to achieve certain key marks in the year 2020.

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According to sources, IDA, a World Bank delegated international financial institution which offers grants to developing countries around the world, is pondering over cancelling HEC’s $218 million funding.

Consequently, the federal education ministry has demanded an emergency assistance from the government to prevent the grant cancellation.

In reply to that, the Education Ministry has asked the Economic Coordination Committee (ECC) to pay Rs. 2.26 billion to the HEC promptly.

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The sources said that HEC could not achieve the certain key milestones due to the cut in annual funding by the government.