The University of Malta said yesterday that its financial situation was stable and healthy “despite the ongoing challenges and the ambitious expansion programme under way”.

In a statement issued in reaction to press reports regarding comments made by the National Audit Office in its Annual Report 2013, the University said it was not facing a cash-flow crisis.

Situation is now completely different

“The NAO comments refer to a specific period in 2013 during which the University was experiencing some cash-flow shortages as a result of the significant capital projects that were underway, and which resulted in expenditure that had to be paid before cash was made available by the Ministry of Finance through the normal channels,” it said.

The University said that at present, the situation is completely different to that reported as all dues from and to the government have been long settled.

It said the University and government have since agreed on a better way of synchronising cash transfers to avoid transitory cash-flow glitches such as that experienced in 2013.

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