According to the Fiscal Control Board (FCB), the University of Puerto Rico (UPR) should not be exempted from the problems that other sectors depending on the government are facing due to the austerity measures. However, they should focus on serving the business community to guarantee their future success.

That was the vision shared by the FCB's executive director, Natalie Jaresko, for the role the nation's first educational institution should play in the island's economic and fiscal recovery.

'The UPR is one of Puerto Rico's crown jewels, and it plays an important and critical role—like I mentioned before—for the economy's competitiveness. Having well educated students that can satisfy the needs of the business community is extremely important for its success,' the executive director stated in a Q<><><><><><><><><><><><><>&A session at the Puerto Rico Manufacturers Association (PRMA) convention./p

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'We're also facing a severe fiscal problem, and we all need to share this pain,' Jaresko added, pointing out that the university—just like the pensioners, the municipalities, and the central government—will have to take on their share of the grief./p

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The UPR is facing an aggressive 10-year cutback program that seeks to reduce, by more than $500 million, the contributions it receives through a budgetary formula allocating 8% of the general fund's revenues to the institution./p

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The budget Governor Ricardo Rosselló Nevares submitted on Wednesday contemplates cutbacks of $202 million for the next fiscal year./p

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In fact, after a meeting held with the UPR's student leadership, FCB Chairman José Carrión III declared that the cutbacks to the university are non-negotiable./p

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Nonetheless, Jaresko seemed positive that the UPR could still fulfill its mission while carrying out the required cutbacks. She assured there are other sources of revenue the UPR can use, such as Pell grants and research grants, although her statements were not specific./p

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'This is not just a matter of, ‘you get less, so you have less.' It's also an incentive to look for alternative resources. So this is more about the university's efficiency. In no way is this about neglecting its incredible importance for the economy,' Jaresko concluded./p