ISLAMABAD: The International Monetary Fund said on Thursday it had agreed to release a $497 million tranche for Pakistan after the latest review of a bailout package awarded in 2013, though the disbursement still requires IMF board approval.

Once the latest disbursement is made, the IMF will still have to release $1.1 billion of the total $6.7 billion loan agreed three years ago.

"After constructive discussions, the mission and the Pakistani authorities have reached staff-level agreement on the completion of the tenth review under the EFF (Extended Fund Facility) arrangement," the IMF said in a statement.

APP adds: Minister for Finance, Senator Ishaq Dar Thursday said that Pakistan has for the first time successfully completed 10th Review with International Monetary Fund (IMF).

"Pakistan was on the path of economic trajectory with all indicators showing economy moving in the right direction," he said while addressing a joint press conference with IMF Country Director, Herald Finger in Dubai.

Ishaq Dar said that the government has initiated structural economic reforms during its two and half year in office which were showing positive results.