The negotiations between Pakistan and the International Monetary Fund (IMF) have failed to bear fruit. 

According to 24NewsHD TV Channel, the IMF stressed the need for bringing reform to tax system and energy sector as Pakistani authorities opted for talks about a fresh tranche from the global money lender.

The IMF said they will welcome Pakistan for constructive conversations. A previous day report cited an IMF spokesperson as saying that the fund team was holding open, constructive discussions with Pakistan as part of a sixth review of the country's 39-month, $6 billion financing programme that began in 2019.

However, Gerry Rice declined to say if disbursements under that programme had been halted but he said discussions were needed about Pakistan's fiscal spending plans, structural 'reforms', particularly in the tax and energy sectors, and social spending.

IMF staff were unable to complete the talks during a recent mission, but the global lender remained fully engaged to resume the discussions in the period ahead, Rice told a regular IMF briefing.

Pakistan this month set a target of 4.8 per cent growth in gross domestic product for the 2021-22 financial year and a fiscal deficit target of 6.3pc. The country surpassed growth projections in the 2020-21 financial year despite a third wave of Covid-19 infections, reaching GDP growth of 3.96pc, after a 0.47pc contraction in 2019-20. Earlier this month, Finance Minister Shaukat Tarin said it was not possible for Pakistan to get out of the IMF programme at a time when the economy is reviving.