By Asif Shahzad

ISLAMABAD (Reuters] -Pakistan wants to increase the duration and size of the $6 billion International Monetary Fund program, Miftah Ismail, Pakistan’s Finance Minister said Monday.

Following talks in Washington with the IMF, Ismail released the following video statements. This came as Islamabad agreed to end subsidies to oil and power in advance of next month’s review of IMF support.

His reply was that “I have requested the fund” and that they had, in large part, agreed to continue this program for one more year. “I have also asked that the Pakistani government increase funding to Pakistan, from $6 billion to maybe a bit more under this program.”

He said that the details would be finalized when the Pakistan mission arrives in Pakistan in May.

The IMF stated that “Based upon constructive discussions with Washington authorities, the IMF anticipates sending a mission in May to Pakistan to resume negotiations over the policies to complete the 7th EFF Review,” referring to the Extended Fund Facility program.

The $6 billion in support that the IMF committed to Pakistan for 2019 is covered by this agreement. IMF worries about fiscal tightening and monetary policy have led to delays in the payment of these funds.

IMF said that Pakistani officials had asked for an extension of the EFF arrangement until June 2023, after Washington reached an agreement to eliminate the subsidies.

Between April and June 2010, Pakistan will provide more than $2B in subsidies for the power and oil sectors.

Shaukat Tarni, former finance minister, said the IMF was previously concerned about how the government would fund it without running a risk of a high fiscal surplus.

Pakistan, if the IMF review passes, will receive more than $900million, which will allow it to unlock additional external financing.

The South Asian country is facing dire financial needs because of a growing current account, falling foreign reserves and a shrinking currency.

The new Pakistani government, which took power from Imran Khan in October, said that it faced huge economic problems. It fears that GDP will fall and has double-digit inflation. This is due to the poor management of the former administration.

Before departing for Washington, Ismail, the Finance Minister stated that Islamabad will cut its expenditures and fund development projects to revive IMF.