ISLAMABAD, Aug 5: The Public Accounts Committee (PAC) has expressed its concern over the accumulated losses incurred by Printing Corporation of Pakistan (PCP) to the tune of Rs552.66 million during the year 2000-2001.

According to a press release, the committee, in its meeting presided over by MNA Malik Allah Yar Khan here on Thursday, took up appropriation of accounts and audit report of Cabinet Division for financial year 2000-2001.

The MNA asked the cabinet division secretary to work out a solution, either by privatization or shifting of the assigned work to the provincial printing presses, to minimize the burden on national exchequer.

The PAC was informed that accumulated loss of Rs552.66 million had eroded the whole paid up capital, resulting in negative equity of PCP of Rs434.217 million as on 30-6-2001, and its assets were less than its current liability by Rs332.727 million.

The chairman directed the cabinet division secretary to present the matter before cabinet for early privatization of PCP Press at Lahore and Karachi and restrict the PCP at Islamabad to the printing of essential and confidential assignments of the federal government. He also directed the PCP management to intensify the pace of recovery from the government departments and report to PAC within one month.

The PAC also directed the cabinet secretary to strictly adhere to the staff car rules and utilization record of the staff cars maintained by the cabinet division in the cabinet pool. It warned the division to improve its financial discipline and budgetary administration.