Under the deal with the International Monetary Fund (IMF), new taxes worth Rs170 billion will have to be imposed, for which a mini-budget will have to be introduced, Finance Minister Ishaq Dar announced Friday.

Dar was addressing a press conference after an IMF mission left Pakistan without signing a staff-level agreement, which the country was relying on to revive its failing economy.

The finance czar’s address came shortly after the IMF issued a brief statement on its talks with Pakistan, which said that virtual talks would continue.

Despite a failure in securing a deal with the IMF, the finance minister claimed the parleys with the global lender ended “positively”.

He confirmed that the government had received the draft of the Memorandum of Economic and Financial Policies (MEFP) from the global lender.

This story is being updated.