Eastern Mediterranean University Faces Financial Challenges
In a recent parliamentary debate, the financial woes of Famagusta’s Eastern Mediterranean University (EMU) were brought to the forefront. The institution, a cornerstone of higher education in the region, is grappling with a staggering tax debt of 3.2 billion TL (€92.8m), as disclosed by the north’s finance minister, Ozdemir Berova.
The discussion unfolded over the proposal to allocate additional funds to EMU, which was ultimately adopted. These funds, exceeding 1 billion TL (€29m), are earmarked for severance payments owed to former employees of the university. Berova defended the government’s decision to provide these extra funds, emphasizing the necessity of state intervention. “If the government and the state did not take responsibility and make sacrifices, the EMU would have not had the financial means to do anything at all,” he stated.
Efforts to stabilize EMU’s finances have been ongoing, with multiple rounds of negotiations taking place throughout the summer of 2023. Berova highlighted the sacrifices made by university employees who have foregone their salaries to aid in financial recovery. He contrasted this with the public finances’ substantial contributions, saying, “if employees made one sacrifice, public finances made 99 sacrifices.”
However, opposition voices have raised concerns over the university’s financial management. A CTP MP questioned the viability of the debt repayment plan and criticized the handling of university finances, likening it to a “corner shop.” The MP warned that while current measures might yield short-term benefits, they could potentially lead to a new crisis come October.
In response to these criticisms, Berova dismissed the “corner shop” analogy as provocative. Meanwhile, another CTP MP, Erkut Sahali, held the government accountable for EMU’s dire financial situation and described the bailout attempts as a desperate move to avoid a complete financial collapse.
As debates continue, stakeholders within and outside the university await decisive action that will secure EMU’s future and restore its financial stability.
