LONDON, March 13. Former Prime Minsiter Benazir Bhutto and president of the Pakistan Muslim League (N) Shahbaz Sharif have agreed to meet formally to assess the political situation in Pakistan and chart out a joint future course of action.

The two met at a reception hosted by former Pakistan high commissioner Wajid Shamsul Hasan for his son’s wedding, at a hotel here on Saturday night.

Ms Bhutto told this correspondent that she had agreed to host the meeting. She welcomed the opportunity to meet the former chief minister of Punjab and the leader of the PML-N.

Mr Sharif who broke the ice by asking the former prime minister to meet, said: “I have always called for reconciliation among all political forces of Pakistan. We must bury the hatchet and chart out the future course of action to restore genuine democracy in the country.”

He reiterated his call for free and fair elections “in which the leaders of mainstream political parties must be allowed to participate without any fear of political recriminations”.

“What we want is a level playing field without any interference from the powers that be,” he said.

Mr Sharif ,who on more than one occasion , admitted having made mistakes in the past which undermined the political process in the country said: “Major political parties should agree on a one-point agenda: to restore democracy and rule of law in the country.”

“There should be no compromise on basic principles,” said Mr Sharif, who in the past also asked the politicians to take a solemn pledge, never to visit the GHQ again to seek army’s intervention in country’s political affairs.

Ms Bhutto, who met former premier Nawaz Sharif in Jeddah last month along with her husband Asif Zardari, echoed similar sentiments saying: “We will always insist on free, fair and impartial elections.”

While welcoming the scheduled meeting with Mr Sharif, she expressed hope that both parties would cooperate for the good of the country.

Asked about reports that she had consented to abdicate the leadership of Pakistan People’s Party in favour of her husband, Ms Bhutto said: “I never made such a statement and I have asked my spokesman Farathullah Babar to find out who was responsible for this.”

“I wonder who gains from generating such rumours,” she smiled wryly.

She asserted: “I have the confidence and support of my party and will continue to lead it to victory.”

Both leaders agreed to meet with the press after their historic meeting.