Sources said that the IMF team visited the ministries of finance and commerce on Wednesday as well.

However, the sources clarified that the current talks have no link to the first review of the stand-by agreement that has already been agreed upon.

A key point in the discussions to with FBR was to separate the policy and operations domains of the revenue collecting body.

Similarly, a proposal to establish a separate customs division under the minsitry of finance has also been discussed which could lead to the creation of a separate Federal Board of Customs, Business Recorder reported.

According to the report, the IMF team was also told that an ‘apex body’ is needed to supervise all anti-smuggling operations in the country.

Any policy points agreed by the two sides could find their way into the next budget, earlier reports have indicated.