PIA likely to go private: Tarin

[Naveed Yaseen]

KARACHI: Shaukat Tarin, Advisor to Prime Minister on Finance on Friday said that government is considering the privatisation of Pakistan International Airlines (PIA).

PIA has accumulated financial losses of Rs72 billion in last few years though its balance sheet improved in the last quarter of 2008, he said.

“We will give it a final review after the results of first (Jan-Mar 2009) quarter,” he added.

PIA has made some improvement in the last quarter of the year 2008 and government would analyse the first quarter results in next months in April before taking any decision on PIA.

He was talking to journalists at the 3rd Pakistan Corporate Philanthropy Awards to public listed companies at the local hotel. The award distribution ceremony was organised by Pakistan Centre for Philanthropy (PCP).

When asked that why government is not reviewing the petroleum prices, he said, “It is being expected that world oil prices may surge again. We will definitely reduce prices when it is feasible and we do not want to change petroleum prices again and again to make a mess out of it.”

He also said that government would soon make a policy board and pass the bill from National Assembly for the improving the efficiency of Federal Board of Revenue (FBR), which will comprise of 60 per cent members from private sector and 40 per cent from public sector.

Board of Investment (BoI) will also be revamped and a different section will be made for overseas Pakistanis. “Our meeting is scheduled with World Bank in mid April, however, government would not go to IMF if it gets $4 to $6 billion from Friends of Democratic Pakistan,” he said.

He stated that despite low ranking in the human development index, Pakistan is among the top philanthropic nations and corporate philanthropy is a shinning example of giving for public good. From 2000, philanthropic contributions by the corporate entities have increased from Rs228 million to Rs1.67 billion in 2007.

Pakistan Petroleum Limited got the first award in the five top corporate entities based on their volume of donations. Oil and Gas Development Company Limited, Pakistan Services Limited, Nestle Pakistan Ltd and Jahangir Siddiqui and Services Limited received second, third, fourth and fifth awards respectively out of the list of the 25 public listed companies.

Similarly, Karam Ceramics got the first award in the second category of volume of donations as a percentage of profit before tax. Pakistan Services Limited, Shield Corporation Limited, Bestway cement Ltd and Gulistan Spinning Mills Ltd received the second, third, fourth and fifth awards respectively.

Certificates of recognition were also awarded to the top 25 companies in both categories.

Shamsh Kassim-Lakha, Chairman PCP Board of Directors informed the participants about the corporate philanthropy report and Give2Pakistan: Philanthropy Portal which was launched on the occasion.

http://www.thenews.com.pk/daily_detail.asp?id=170757