As of 31-12-2017, there are investments made in fixed deposits worth Rs.1416 million without being used their relevant activities. These are against the missions of universities. The funds are meant for the use of students and the lecturers. Keeping money in accounts will not help to increase the number of student intake,” said MP Handunnetti.

The report stated that instead of holding these funds in bank accounts, if these funds are being utilised for university activities, the amount funded by the Treasury Department could be reduced, in turn reducing the per capita debt burden.

Reduction from 45% to 38.7% within 5 years

Meanwhile, those who applied to universities and the selected applicants over the five year period from 2013/14 to 2017/18, the number has reduced from 45% to 38.7%.

In considering Universities and Higher Education Institutions and the violation of the treasury agreements for 519 agreements, the total amount payable to the government is Rs. 836,133,700.