ISLAMABAD, June 19: Prime Minister Shaukat Aziz has decided to contact the parliamentary leaders of various opposition parties in an effort to work out a code of conduct for making the coming general elections free, fair and acceptable to everyone.

The prime minister said at a news conference at his Parliament House chamber on Tuesday that he would establish personal contacts by telephone with opposition leaders and send them letters after the budget was passed on June 23.

When asked whether President Pervez Musharraf would seek re-election from the present assemblies or wait for the election of new assemblies, he said: “Whatever will be done will be in accordance with the law and the Constitution.”

Criticising former prime ministers Benazir Bhutto and Nawaz Sharif for allegedly negotiating and agreeing to rule the country one after the other, Mr Aziz said it was premature to discuss such things when the elections were yet to be held.

He said there should be no misunderstanding that anyone who came to power would be free to use the $15 billion foreign exchange reserves, adding that they were a national asset and the nation would not spare anyone trying to touch it.

He said there was a wrong perception that foreign exchange reserves could play a role in changing the people’s life. The reserves protected against devaluation of rupee and promoted domestic and foreign investments, he said.

He paid tribute to opposition as well as treasury lawmakers for engaging in constructive and positive criticism of the budget for 55 hours – 10 hours more than last year -- and analysis which helped to improve it.

Accompanied by the federal Information Minister Mohammad Ali Durrani and Minister of State Tariq Azeem Khan, Mr Aziz said in reply to a question that no cabinet reshuffle was under consideration.

However, sources said that a decision to retain Mr Durrani and postpone the reshuffle had been taken late on Monday night and the matter would be reviewed after the budget was passed.

The prime minister defended the interim formula for the National Finance Commission award given by the president and said the financial share of the provinces had increased and it would be enhanced to 50 per cent of the federal divisible pool in five years.

Replying to a question about frequent power breakdowns in Karachi, the prime minister listed measures being taken to boost electricity production in the country.

He mentioned various electricity projects, including the one of 225 megawatts that a German firm had decided to set up, besides the new energy policy with more involvement of the private sector.

The prime minister said the size of the defence budget was gradually decreasing as percentage of the Gross Domestic Product. Pakistan was a peaceful country but it could not compromise on keeping minimum deterrence needed for peace, he said.