ISLAMABAD (PPI) - Federal Minister for Privatisation, Syed Naveed Qamar has said that Pakistan plans to sell stakes in at least three companies by the end of June, reviving an asset sale program stymied by political instability and a slowing economy. This will be the start of our program with a new concept of modernizing companies with efficient management rather than a fund-raising target, Privatisation Minister Naveed Qamar said in an interview with foreign media. Ministry officials will meet potential buyers for National Power Construction Co. (NPCC) on March 28 to set a bidding date as early as next month, he said. Stakes in Jamshoro Power Co. (JPC) and Heavy Electrical Complex (HEC) may be sold by June 30, Qamar said. Funds raised from asset sales fell by a quarter last year as political wrangling and terrorist attacks in the nation's biggest cities deterred overseas investors. Pakistan yesterday said it would seek $10 billion in funds over the next three years for development projects after securing a $7.6 billion bailout from the International Monetary Fund to avert default. Since the start of this fiscal year on July 1, Qamar has completed only one transaction, raising 1.34 billion rupees ($16 million) by selling a stake in Hazara Phosphate Fertilizers Ltd., a urea maker. That compares with the previous govt of former President Pervez Musharraf raising 25.5 billion rupees in a year through stakes in HBL and UBL. Last month, Naveed Qamar, announced changes to the asset sale policy, setting aside 12 percent of shares to workers in state- controlled companies such as Pakistan Railways and the Pakistan Post Office, the nation's postal service. The benchmark is 26 percent for the stake to be sold in almost every company, apart from offering shares to employees, he said. The new concept is to sell a minority stake and transfer the management, he said. Workers in state companies previously received 10 percent. Sale of shares in Pakistan State Oil Ltd., the biggest retailer, Pakistan Petroleum Ltd., the No. 1 gas producer, and Sui Northern Gas Pipelines Ltd. and Sui Southern Gas Co., the two gas distributors, has been taken off the priority list in the new policy, Naved Qamar said. We don't want to flood the market in a hurry, he said. We will tap the domestic and overseas stock markets when the time and conditions are right. State assets sold in a hurry in the past are causing problems for our government, he said. Emirates Telecommunications Corp., the United Arab Emirates' largest telephone company, has delayed payments for a 26 percent stake in Pakistan Telecommunication Co., the nation's biggest, because the government is unable to meet a bid-condition of transferring real estate, he said. Emirates Telecommunications bought the stake in 2006 for $2.6 billion, of which payment of $700 million is pending. Pakistan, which has so far raised 476.4 billion rupees through an asset sale program that started in the early 1990s, was forced to turn to the IMF as it faced economic turmoil after growth slowed, the rupee plunged 22 percent in 2008 and the balance of payments deficit widened to a record. South Asia's second-biggest economy is predicted to expand 2.5 percent this fiscal year, compared with annual average growth of 6.8 percent in the past five years. It is seeking to increase foreign-exchange reserves that declined 75pc in a year to $3.45b in October, raising doubts about the country's ability to repay debt. Our economic and security situation is not as bad as the perception overseas, Qamar said. We offer opportunities through efforts of reviving the economy and consistent growth. The overall outlook is positive and the early birds will get the benefit. Pakistan completed its last IMF program in 2004 with a credit rating from Standard and Poor's of B+, four levels below investment grade. S&P in Dec raised PakistanIs rating one level to CCC+, or seven levels below investment grade, after the IMF loan.