The first round of talks for a financial bailout between the International Monetary Fund (IMF) and Pakistan concluded today.

During the talks, Pakistan refused to accept the demands of an increase in tax rate and electricity prices by IMF, Finance Minister Asad Umar informed.

Speaking to media after the meeting, Umar said that disagreements with the IMF continue on certain issues, which include an increase in electricity prices by 20-22%.

The Pakistani-led delegation led by Umar also disagreed on increasing tax collection target from Rs4,300 billion to over Rs4,700 billion.

Moreover, the IMF had said that Pakistan needs to devalue rupee against dollar, which Pakistan refused.

Responding to a question regarding sharing details of financial assistance deal done with China, Umar said that Pakistan has nothing to hide from the IMF and that all finances regarding the economic cooperation are transparent.

The IMF delegation is expected to return today, however, Umar said further rounds of talks and a successful outcome is expected before January 15.