Pakistan has initiated discussions with the IMF over a new multi-billion dollar loan agreement to support its economic reform program; its new finance minister told AFP on Monday.

Pakistan, a South Asian nation, is on the verge of successfully completing a nine-month, $3 billion loan program with the International Monetary Fund. This program was strategically designed to address a balance-of-payments crisis that nearly pushed the country into default last summer.

With the final $1.1 billion tranche of that deal likely to be approved, Pakistan has begun negotiations for a new multi-year IMF loan program worth “billions” of dollars, Finance Minister Muhammad Aurangzeb said during an interview in Washington.

“The market confidence and sentiment have significantly improved this fiscal year,” affirmed Aurangzeb, a former banker who assumed his post last month, hinting at a positive outlook for Pakistan’s financial future.

“It’s really for that purpose that, during this week, we have initiated the discussion with the Fund to get into a larger and extended program,” he added.

An IMF spokesperson told AFP that the Fund is “currently focused on the completion of the current Stand-by Agreement program,” referring to the ongoing nine-month program, which is scheduled for completion shortly.

The spokesperson added, “The new government has expressed interest in a new program, and Fund staff stands ready to engage in initial discussions on a successor program.”