LONDON (AFP/Reuters) Pakistan is to ask the International Monetary Fund to ease the terms of a 10-billion-dollar loan after enduring the worst floods in its history, a report said Friday. Islamabad has concluded that it is now impossible for it to meet the conditions of the lending programme agreed in 2008, said the Financial Times, citing Pakistani officials. Finance Minister Abdul Hafeez Shaikh will travel to Washington next week to try and persuade the IMF to restructure the current loan or consider new financing, said the report. Meeting the IMF performance criteria of the current programme is impossible under the present circumstances, said a finance ministry official. The losses from the floods are huge and we are in no position to meet targets on critical areas such as budget deficit, reducing inflation or even economic growth. Another official cited in the paper said the IMF either needed to allow plenty of relaxations on the current programme or start discussing a new agreement with criteria more suited to flood-ravaged Pakistan. The IMF in 2008 approved a rescue package for Pakistan as the country struggled to cope with bloody attacks by radicals, 30-year-high inflation and fast-depleting reserves. So far, Pakistan has received about 7.3 billion dollars from the IMF loan, said the FT. The meetings with the IMF will start on Aug 23 and were scheduled for even before the floods began. Pakistan said last week the floods meant the country would miss this years 4.5 percent gross domestic product (GDP) growth target. The Asian Development bank said economic growth was more likely to be 3 percent. Growth was 4.1 percent in the last fiscal year. With higher transport costs and food shortages due to the floods, inflation, and the public anger it could spark, is a major worry. Inflation for 2010/11 is targeted at 9.5 percent and the consumer price index came in at 12.34 percent year-on-year and will head higher. The government has targeted a fiscal deficit of 4 percent of GDP for fiscal year 2010/11, which analysts said will be hard to achieve. One analyst said he expected a deficit of 8 percent this year. After the floods, the government is considering to revise the tax collection target for fiscal year 2010/11 downwards to 1,604 billion rupees from the original target of 1,667 billion rupees. To make up for the shortfall, the government is considering imposing a flood surcharge in income and imports which they are hoping would fetch about 75 to 80 billion rupees, said the official source. The percentage at which this surcharge will be charged will be determined once the Damages Assessment report is available.