diff --git a/lib/internal/loader/ModuleJob.js b/lib/internal/loader/ModuleJob.js
index db37765b20bd0c..f79cc6cfe1d94a 100644
--- a/lib/internal/loader/ModuleJob.js
+++ b/lib/internal/loader/ModuleJob.js
@@ -15,6 +15,7 @@ class ModuleJob {
     this.loader = loader;
     this.error = null;
     this.hadError = false;
+    this.inspectBrk = inspectBrk;
 
     // This is a Promise<{ module, reflect }>, whose fields will be copied
     // onto `this` by `link()` below once it has been resolved.
@@ -26,10 +27,6 @@ class ModuleJob {
     const link = async () => {
       ({ module: this.module,
          reflect: this.reflect } = await this.modulePromise);
-      if (inspectBrk) {
-        const initWrapper = process.binding('inspector').callAndPauseOnStart;
-        initWrapper(this.module.instantiate, this.module);
-      }
       assert(this.module instanceof ModuleWrap);
 
       const dependencyJobs = [];
@@ -83,7 +80,12 @@ class ModuleJob {
       throw e;
     }
     try {
-      this.module.instantiate();
+      if (this.inspectBrk) {
+        const initWrapper = process.binding('inspector').callAndPauseOnStart;
+        initWrapper(this.module.instantiate, this.module);
+      } else {
+        this.module.instantiate();
+      }
     } catch (e) {
       decorateErrorStack(e);
       throw e;
diff --git a/test/fixtures/es-modules/loop.mjs b/test/fixtures/es-modules/loop.mjs
index edd111abb9e9b7..1b5cab10edc7bf 100644
--- a/test/fixtures/es-modules/loop.mjs
+++ b/test/fixtures/es-modules/loop.mjs
@@ -1,6 +1,8 @@
+import { message } from './message';
+
 var t = 1;
 var k = 1;
-console.log('A message', 5);
+console.log(message, 5);
 while (t > 0) {
   if (t++ === 1000) {
     t = 0;
diff --git a/test/fixtures/es-modules/message.mjs b/test/fixtures/es-modules/message.mjs
new file mode 100644
index 00000000000000..d50f57b7b6a5f7
--- /dev/null
+++ b/test/fixtures/es-modules/message.mjs
@@ -0,0 +1 @@
+export const message = 'A message';
diff --git a/test/parallel/test-inspector-esm.js b/test/parallel/test-inspector-esm.js
index 696f2af9a77462..3171da58cf7a4c 100644
--- a/test/parallel/test-inspector-esm.js
+++ b/test/parallel/test-inspector-esm.js
@@ -5,6 +5,7 @@ const common = require('../common');
 common.skipIfInspectorDisabled();
 
 const assert = require('assert');
+const { resolve: UrlResolve } = require('url');
 const fixtures = require('../common/fixtures');
 const { NodeInstance } = require('../common/inspector-helper.js');
 
@@ -43,14 +44,15 @@ async function testBreakpointOnStart(session) {
   ];
 
   await session.send(commands);
-  await session.waitForBreakOnLine(0, session.scriptURL());
+  await session.waitForBreakOnLine(
+    0, UrlResolve(session.scriptURL().toString(), 'message.mjs'));
 }
 
 async function testBreakpoint(session) {
   console.log('[test]', 'Setting a breakpoint and verifying it is hit');
   const commands = [
     { 'method': 'Debugger.setBreakpointByUrl',
-      'params': { 'lineNumber': 5,
+      'params': { 'lineNumber': 7,
                   'url': session.scriptURL(),
                   'columnNumber': 0,
                   'condition': ''
@@ -66,7 +68,7 @@ async function testBreakpoint(session) {
          `Script source is wrong: ${scriptSource}`);
 
   await session.waitForConsoleOutput('log', ['A message', 5]);
-  const paused = await session.waitForBreakOnLine(5, session.scriptURL());
+  const paused = await session.waitForBreakOnLine(7, session.scriptURL());
   const scopeId = paused.params.callFrames[0].scopeChain[0].object.objectId;
 
   console.log('[test]', 'Verify we can read current application state');
@@ -79,7 +81,7 @@ async function testBreakpoint(session) {
       'generatePreview': true
     }
   });
-  assertScopeValues(response, { t: 1001, k: 1 });
+  assertScopeValues(response, { t: 1001, k: 1, message: 'A message' });
 
   let { result } = await session.send({
     'method': 'Debugger.evaluateOnCallFrame', 'params': {