WASHINGTON - The first round of talks between Pakistan and International Monetary Fund (IMF) over release of next tranche concluded on Sunday, while the dialogue will also take place today (Monday). Pakistani delegation headed by Federal Finance Minister Abdul Hafeez Sheikh discussed the release of next tranche with IMF officials. During the first round of talks, Pakistan faced difficult questions due to bad economic situation in the country. Pakistani delegation included Secretary Finance, SBP Governor and Deputy Chairman Planning Commission. APP adds: Hafeez Shaikh met with top International Monetary Fund officials here Sunday as part of the ongoing dialogue and discussed progress in the Funds ongoing $11.3 program me for Pakistan. Under the programme, Pakistan has so far received $8 billion. The finance ministers meetings with IMF leaders - including Deputy Managing Director Nemat Shafik, Director Middle East Masood Ahmed and IMF Mission Chief for Pakistan Adnan Mazerie - took place ahead of fifth review of the performance for release of remaining two tranches of $3.8 billion. Shaikh described the dialogue with IMF as ongoing. Our dialogue with the IMF is an ongoing one in which we are constantly reviewing the macro-economic situation in Pakistan and positive developments that have taken place on the external sector in terms of historically high exports, historically high remittances and historically high (forex) reserves position, the finance minister told APP. At the same time, Shaikh added, the government is pursuing economic reforms measures in order to be self-sufficient and have an equitable tax system and improve service delivery to citizens, Hafeez Shaikh said. The finance minister also spoke about Islamabads measures for fiscal austerity including expenditure control, revenue mobilisation including elimination of exemptions for sectors, bringing new sectors into the tax net, pursuing 700,000 additional tax-payers for income tax, the levy of flood-related taxes and the focus on macro-economic stability. Dr Shaikh also spoke about Pakistans liberal investment regime, promoting prosperity in the rural areas through agricultural pricing and promotion of exports, which are already touching new heights this financial year. Meanwhile, Hafeez Shaikh also discussed development partnership with leaders of major economic powers in separate meetings on the occasion of annual IMF-World Bank gathering. The finance minister said the government was trying to bring budget deficit down to 4.5 of the countrys gross domestic product. We understand that to achieve this target we will have to raise taxes and curtail expenses and were are willing to do both, he said. Dr Shaikh briefed German, British and American leaders about the governments focus on development as well as its efforts towards greater economic stabilisation. German Finance Minister Dick Niebel offered his countrys support for Pakistans hydro power projects and small dams. During another meeting, Dr Shaikh and UKs Secretary of State for International Development Andrew Mitchell discussed economic ties between the two countries. Mitchell appreciated Islamabads commitment to economic reforms. The finance minister also had a meeting with US Under-Secretary of State for Economic, Energy and Agricultural Affairs Robert Hormats and discussed economic development cooperation. The US official assured Dr Shaikh of Washingtons support in getting greater trade access for Pakistan to European Union. Hafeez Sheikh also met with his Chinese counterpart in Washington. He asked Chinese companies to invest in petroleum sector in Pakistan. He gave assurance to Chinese finance minister for providing all possible facilities and full support to the companies.