Pakistan’s parliament on Friday passed the government’s tax heavy finance bill for the coming fiscal year amid an annual inflation projection of up to 13.5% for June.

The bill comes ahead of more talks for a loan of $6 billion to $8 billion to avert a debt default for Pakistan, the slowest growing economy in South Asia.

As the parliament moved to pass the bill clause by clause, Pakistan’s sovereign dollar bonds slid on Friday, Tradeweb data showed, with the 2031 maturity shedding 1.4 cents to trade at 78.69 cents on the dollar.

Finance Minister Muhammad Aurangzeb moved the finance bill in parliament, which was opened to seek amendments and debate by the ruling alliance led by Prime Minster Shehbaz Sharif and its opposition.

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Speaker Sardar Ayaz Sadiq announced passing of the budget in a live TV telecast.

The government presented the national budget on June 12 with a challenging tax revenue target of 13 trillion rupees ($46.66 billion) for the year starting July 1, up about 40% from the current year, to strengthen the case for a new rescue deal with the International Monetary Fund (IMF).