The IMF is to send another mission to Pakistan before disbursing additional funds to help the country's cash-strapped economy.

Shaheen Sebai of Dawn newspaper: "The IMF had 22 objections"

It had been hoped by financial markets that a firm timetable would be unveiled for the release of funds.

The IMF announcement was made on Tuesday after talks in Washington between the IMF and the Pakistan Finance Minister, Ishaq Dar.

Last week, Mr Dar had insisted that the next tranche of IMF money for Pakistan - $280m - was on course, and would be disbursed over the next six weeks.

'Progress made'

Despite Mr Dar's failure to win a firm commitment about the release of funds, the IMF insisted the talks in Washington had been positive.

"Good progress was made in resolving outstanding issues for the completion of the programme review," according to fund spokesman William Murray.

"An IMF mission will visit Islamabad next month and we hope to conclude the discussions."

Budget and tax concerns

Last year, the IMF's $1.5bn lending programme was frozen following Pakistan's nuclear tests.

Disbursements resumed in January and Pakistan is set to receive $460m in loans between now and October 2000 - provided it meets reform promises it made to the IMF.

The last instalment received by Pakistan was $51m in May.

The IMF has raised concerns about Pakistan's budget deficit as well as its revenue collection system and energy prices.