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The chairman also informed that the Commission has received the fourth draft on the proposed law on privatisation. "After being discussed internally and with the consultants, it will sent to the law ministry during the next couple of weeks," he said.

"We are making a provision in the law to ensure that net proceed of privatisation is used for the debt retirement," he added.

To a question, Saleem said, "we are protecting the system and not the personality. We are trying to ensure a system that a transaction done, should not be re-opened without having 'sufficient ground' for doing so.

He further said, as prevailed elsewhere, no country surrenders its sovereign rights to re-open a case where it deems necessary. "The case should be re-opened on certain principles and not on the basis of victimisation," he observed.

The future transaction, he said will take place under the new law. "About 103 units have so far been privatised and there were some 300 cases in litigation due to confusion in the process," he said, while emphasising the necessity of law on privatisation.

When asked to give an estimate of earnings through privatisation process, the chairman said, "the purpose is not to earn for retiring debt but stop bleeding of resources and provide maximum benefits to the consumers."

He, however, said, through the privatisation process some 15 percent of the total debt can be retired.

To a question about extension of PTCL through introducing mobile phone facility at the stage when it is being privatised, the chairman said: "It has been done on the advice of the Financial Advisor for PTCL who said, it will help increase international price of the asset."

Altaf Saleem also informed that financial advisor for the Oil and Gas sector will be appointed during the current month. he denied an assertion that over 90 percent of work on this sector was already carried out by the previous government.

Moreover, he said, regulatory issues of the OGDC are being sorted out after which its financial advisor will also be appointed.

The chairman also informed the newsmen about the meetings he held, along with the finance minister, during the recent visit to Davos, Switzerland and in London on their way back home.

"We met with the director of IMF and the World Bank President and they responded positively to our privatisation programme," he said and added, we have witnessed an increasing level of confidence in the privatisation programme of Pakistan.

Similarly, he said, their meetings with Pakistani expatriates in London were very good and they showed keen interest in taking part in the programme.ÑAPP