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, Reuters reported. 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.