Due to the depreciation of the Pakistani rupee, which increased the cost of studying abroad, the government has drastically reduced the award of MS/Ph.D. overseas scholarships by 57.3 percent (from 2,000 to 854).
The “Overseas Scholarship for MS/M. Phil leading to Ph.D., in selected fields (Phase III)” project will be finished in 2027 and will cost a total of Rs 22,214.578 million.
With an estimated cost of Rs. 22,214.578 million, the project was launched in 2018 with the initial goal of offering 2,000 Overseas Scholarships for MS/M. Phil leading to Ph.D. scholarships. However, the price of studying abroad has increased as a result of the depreciation of Pakistani rupees in relation to the US dollar.
According to the documents, the project’s cost remained the same, but its scope was narrowed from 2,000 scholarships to 854, increasing the cost per student for the MS and Ph.D. degrees. The documents show that the number of MS scholarships has decreased from 200 to 143 MS, while the number of Ph.D. scholarships has been reduced from 1800 to 711 Ph.D.
One US dollar was worth Rs. 112 when the project first began; it is now worth more than Rs. 220.
In order to build the necessary teaching staff for the nation’s technology universities, it has also been decided to prioritise 200 scholarships for higher education in nations with reputable engineering technology universities, such as Germany, Australia, the USA, Hong Kong, Singapore, Italy, and the UK.