ISLAMABAD - Talks between Pakistan and International Monetary Fund (IMF) have been extended for two days as Islamabad failed to satisfy the Fund on the economic performance of the country.

Pakistan and IMF talks were scheduled to end on Wednesday in Dubai, which were started on October 26. Sources informed that talks have been extended for two days, till November 6, as Pakistan would try to convince the Fund to release next tranche worth $500 million.

IMF has shown concerns over the revenue collection by the Federal Board of Revenue (FBR), which missed the first quarter target by Rs40 billion. The FBR had collected Rs600 billion during July-September of the ongoing financial year 2015-2016 as against the target of Rs640 billion. Similarly, the Fund has also shown concerns on other economic targets.

Pakistan has so far completed eight reviews of the 36-month $6.64 billion extended fund facility (EFF) programme approved by the IMF in September 2013 with total disbursements of about $4.54 billion.