The university is aiming to return to generating a cash surplus of 2% of income by July 2027.
“Thanks to our prudent financial management over the past few years, we have weathered the storm better than many,” the statement read.
However, government decisions on funding and international students had contributed to the “considerable strain” felt by the university, it said.
“Our commitment to excellence in education and research, and providing a transformational student experience, will always remain central to Essex.
“We are working to minimise the impact of these changes on our staff and our students.”
The statement added there was confidence that the university would be on a “stronger footing for the future” as a result of the steps it planned to take.