ISLAMABAD: An International Monetary Fund (IMF) team on Wednesday held the first round of talks on a possible IMF bailout, even as Pakistan insisted it had solved its immediate balance of payments crisis.

The talks were held in Islamabad between the IMF delegation and officials of the finance ministry on a “technical level”. The government shared Pakistan’s economic data with the IMF. The Fund has suggested Pakistan to cut its expenditures and increase tax returns.

Sources said the talks would continue for two weeks.

The government has reportedly finalised its paperwork to seek up to $6 billion bailout package from the IMF.

Speaking shortly after Prime Minister Imran Khan returned from Beijing, Pakistan’s finance minister had said Tuesday that assurances from China — combined with a pledge made by Saudi Arabia last month — meant that Pakistan’s immediate fiscal woes were “over”.