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Talks between the International Monetary Fund and Pakistan will resume virtually on Monday, a Pakistani official said, as the two sides look to reach a deal to unlock funding critical to keep the cash-strapped south Asian country afloat.

The two could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks, but said negotiations would continue. Pakistan is in dire need of funds as it battles a wrenching economic crisis.

"Duration (of the talks) cannot be confirmed but we intend to wrap these up at the soonest," Finance Secretary Hamed Yaqoob Sheikh told Reuters in a text message, confirming that talks were resuming on Monday.

Talks centre around reaching an agreement on a reforms agenda under the country's $6.5 billion bailout programme, which it entered in 2019. An agreement on the ninth review of the programme would release over $1.1 billion.

Pakistan's international bonds slipped again on Monday after having suffered sharp falls on Friday following news that a deal with the fund had still to be reached.

The dollar-denominated 2025 bond saw the biggest declines, falling nearly 2 cents in the dollar before clawing back some losses to trade down 1.4 cents at 48.1 cents by 0900 GMT, Tradeweb data showed. ,

Pakistan's foreign exchange reserves held by the central bank have fallen to $2.9 billion, barely enough to cover three weeks of imports. A resumption of the IMF programme would also unlock other avenues of funding for Pakistan.

An agreement, if reached, would still need to be cleared by the IMF board. (Reuters)