The disbursement of the sixth tranche of funds under Pakistan's standby agreement (SBA) with the IMF has been suspended since August 2010 because of the government's failure to implement structural economic reforms mandated by the Fund. (In late December 2010 the IMF approved a nine-month extension of the SBA that had been finalised in November 2008, until the end of September 2011.) The Fund began a new round of talks with the Pakistani government on May 11th. The negotiations are expected to last until May 17th, and will focus on agreeing targets for Pakistan's budget for fiscal year 2011/12 (July-June), which is to be unveiled on May 28th. Fiscal consolidation and tax reform remain the most pressing policy issues and the focus of negotiations with the IMF. The government will find it difficult to muster the political will to implement the necessary changes, as the reforms-notably tax rises-will prove extremely unpopular.