The talks between the Pakistani authorities and International Monetary Fund (IMF) staff will now resume after the approval of the budget for incoming fiscal year 2022-23, during which the two parties will strike a deal for a loan facility.

It will be recalled that the fund last week confirmed significant progress in Pakistan’s negotiations with the IMF.

Talks are expected to resume on June 28, with Finance Minister Mifta Ismail and the Governor of the State Bank of Pakistan to sign the contract on behalf of Pakistan, sources inside the finance ministry said.

The source further said that Pakistan has asked the IMF to increase the program from $6 billion to $8 billion and has asked for a one-year extension to extend the program until 2024.