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Govt shoulders Biman's debt to BPC

Boeing deal today

Sohel Parvez
The government has decided to shoulder Biman Bangladesh Airlines’ debt of aboutTk 1,200 core to Bangladesh Petroleum Corporation (BPC), enabling the troubled national flag carrier to start anew with a fresh account.
The move to clean up Biman's accounts came after one of the top functionaries of the government had announced sale of its 49 percent share on the stock market in an attempt to improve the airliner's cash flow.
"It's a step forward for us," said Dr MA Momen, managing director of Biman, which is set to sign the final deal today with US plane maker Boeing for purchasing eight new aircraft for $ 1.265 billion.
The airliner currently has a fleet of a dozen aircraft, including four F- 28s and three A310-300s.
With an expanded fleet, it hopes to take off posing serious competition for domestic private carriers, besides recovering from its own losses estimated at 5100 million during FY2006-'07.
Biman’s chief executive toldThe Daily Star that the airliner's liability with BPC will now be adjusted in its account as government equity.
Biman was turned into a public limited company with an authorised capital of Tk 15,000 crore in July of last year.
The decision to shift the airliner’s liabilities on to the government’s shoulders will also help Biman in showing a cleaner balance sheet to investors.
The national flag carrier has been purchasing its fuel from BPC with cash since April last year, its chief claimed
"We have paid a total of Tk 622 crore till April 17,” Momen said.
The airliner however has to clear its dues to the tune ofTk 573 crore to the Civil Aviation Authority. "We hope it will be resolved soon," Momen added.
Analysts however said clearing off of the airliner's liabilities will not bring any visible difference in its operation.
"It will look good only on papers, attracting investors. Other than that there will be no visible difference," said Imran Asif, an aviation industry consultant.
Imran said steps should be taken to remove the inefficiencies in the company to avert future losses. "If its inefficiencies are removed, it will start making money," he said
Losses and crew shortages had, in several earlier occasions, forced Biman to suspend flights to eight international destinations.
Biman now flies to 18 international destinations, competing with over 20 local and foreign airliners, which together dominate about 70 percent of the total market.
Emirates, Singapore Airlines, Thai Airways, and Gulf Air are the global players operating in the Bangladesh aviation market estimated to be growing at a rate of over 7.5 percent a year.