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The University of the West Indies (UWI), Mona Campus says that for the first time in 20 years it had to turn to an overdraft credit facility with its bankers to meet its expenses in 2012/2013.

The University said that the measure was taken in tandem with continuing efforts to reduce or contain costs where possible, including closely managing payroll costs, the largest component of the campus' budget.

The report said that several factors led to the campus' negative position during the academic year - the main concern being the continuing economic and fiscal limitations being faced by most contributing governments, which impeded their ability to disburse committed funds to the campus in  a timely manner.

The other major problem was the four-year cumulative effect of prior reductions in Government of Jamaica's subventions to the campus, which resulted in a major funding gap to finance operations.

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