Pakistan, May 20 -- Pakistan and the International Monetary Fund continued budget negotiations as both sides discussed key economic targets for the next fiscal year. Meanwhile, the IMF recommended an 18 percent increase in the petroleum levy target to boost government revenue. Currently, the levy on petrol stands at 108 rupees and 17 paisas per litre. Moreover, the IMF mission extended its Pakistan visit by two days to finalize budget discussions and unresolved matters. Sources said both sides had already agreed on several important financial and taxation issues.

According to sources, the IMF asked provinces to collect an additional 430 billion rupees in revenue during the next fiscal year. Furthermore, the lender demanded provinces prov...