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LONDON, J Pakistan Cricket Board (PCB) director Brigadier Munawar Ahmed Rana warned Thursday that it stood to lose "millions" if Australia called off its three-Test tour there in October.

Renewed political tensions between India and Pakistan over the disputed territory of Kashmir have added to the unease many cricket teams felt about visiting both countries, and Pakistan in particular, that was created in the wake of the September 11 terror attacks.

But Rana, speaking at a meeting of International Cricket Council (ICC) delegates here at Lord's, told AFP Pakistan had always carried on touring regardless of political situations elsewhere.

"Pakistan is on record as visiting every place it was due to tour. We came to England when the IRA (Irish Republican Army) was on top and we were twice asked to move hotels which we didn't do.

"And we toured India in 1999 when our players were under direct personal threat and we also went to Sri Lanka during the last World Cup, when Australia wouldn't (because of terror fears), to show solidarity.

"We are also willing to go to Zimbabwe (Pakistan are due there in October and November of this year).

"World cricket has to make a decision about whether it is going to let these events get under its skin," Rana added.

PCB officials said they only just broke even after the West Indies series was staged in Sharjah earlier this year.

Overall they are reported to have lost some 25million dollars in total from cancelled tours since last year.

However, Rana said he was thankful to Australian Cricket Board (ACB) chief executive James Sutherland for "staying his hand" when the two met to discuss the issue during the four-day ICC executive board meeting that concluded here Thursday.

But he added that while no decision had yet been reached "commonsense says we must have one by the middle of July at the latest".

Rana said that any question of playing the series in Australia was a matter for the ACB as it would have knock-on effects for their schedule.

Meanwhile Sutherland said: "I am hoping to have more talks today.

"At the end of the day it is not really our decision. There are a lot of options and the PCB is working through those. They would make a decision in consultation with us.

"My priority is that the matches are played as scheduled."

Asked what would determine whether or not Australia went to Pakistan, Sutherland said: "Ultimately it comes down to the advice we get from the experts."

Australia were due in Zimbabwe this April but, citing diplomatic advice, called off the tour.

However, ICC chief executive Malcolm Speed insisted that the tour to Pakistan was still going ahead.

"There have been some discussions between ACB and PCB in the event the tour is cancelled.

"The other options are to play in a neutral venue of another full member country or in international cricket centres such as Morocco or Sharjah," Speed explained.

Speed's fellow Australian and ICC president Malcolm Gray said delegates had failed to back a compensation scheme put forward by the governing body's finance committee designed to assist countries such as Pakistan and Zimbabwe adversely affected by international political events.

"It is not as simple as "compensation" said Gray. "What do you 'compensate' for. Is it for future earnings or lost earnings? Is it for losses of cashflow?

"We decided that the path ICC should go down is that it does all it can to ensure that cricket is still being played in those countries," said Gray who admitted that implementing the ICC's 110-year tour programme was difficult in the current climate.

Australia are due to play three one-dayers in Pakistan ahead of the Test series but Rana added that New Zealand might be invited to make it a triangular tournament.

New Zealand recently cut short what should have been a two-Test tour of Pakistan when they flew home ahead of the second match after a bomb exploded near their team hotel in Karachi.

In other announcements ICC said it would go ahead with a new world ranking system for all one-day matches played after September 1.

And from that date the procedure for reviewing bowling actions will be streamlined from a three-stage to a two stage process.

A first report will require a player to work to correct his action, while a second report in 12 months will result in the ICC bowling review group being convened.

This has the power to suspend a player from international cricket for 12 months if his bowling action is deemed to be illegal.

However, the new process will not apply to any bowlers currently within the 12-month timeframe of the existing procedure.

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