He said talks would begin in mid-April.

“We are hopeful that by the time we wrap up this fiscal year i.e. end June to early July, we reach at least a staff-level agreement with the IMF,” Aurangzeb said while talking to reporters at the Pakistan Stock Exchange (PSX) where a gong ceremony was held to welcome the finance minister on Friday.

However, he did not disclose the size of the upcoming program but said Pakistan needed an extended facility spanning over at least three years.

Aurangzeb said all of the conditions set by the IMF favoured Pakistan’s economic recovery.

The minister said privatisation of power distribution companies or disco was next on the card after selling off the PIA.