The University of Peshawar Senate in its meeting held on Tuesday, approved annual recurring budget amounting to Rs. 3.5 billion for varsity for the year 2014-15 with a deficit of one billion fifty six crore rupees. The meeting chaired by Pro-Chancellor Mushtaq Ahmed Ghani, consented to the proposal of provincial minister for finance Muzaffar Saeed and formed a committee under the convener ship of Gen ( Retd) Hamid Khan, to formulate a ten years road map for brining improvement in the financial health of the UoP. Meanwhile the treasurer University of Peshawar Dr. Yorid Ahsan Zia presented the annual budget in the meeting. He said that the mother institution was under tremendous financial pressure, but due to implementation of strict austerity measures the deficit of the last year was brought down to around 5 million.