ISLAMABAD: The first round of talks for a financial bailout has ended today (Tuesday), where Pakistan refused to accept International Monetary Fund’s (IMF) demands of an increase in tax rates and electricity prices. Finance Minister Asad Umar while speaking to media after the meeting said that disagreements with the IMF continue on certain issues, which include an increase in electricity prices by 22 percent. The finance minister said that the Pakistani delegation also disagreed on increasing tax collection target from Rs4,300 billion to over Rs4,700 billion. Moreover, the IMF demanded Pakistan of devalue rupee against dollar, which Pakistan refused. Meanwhile, Pakistan will also not be providing financial details of economic cooperation with China to the IMF as demanded. Sources said the delegation agreed that Pakistan will not “cross certain red lines” and share information beyond that. The second round will begin when the IMF returns to Pakistan on January 15.