KARACHI, Pakistan - Pakistan and the International Monetary Fund (IMF) on Wednesday reached a staff level agreement (SLA) on the second and final review of Pakistan's bailout program, which will release $1.1 billion for the debt-ridden South Asian economy.

Since the $3 billion bailout was approved in June last year, Pakistan has implemented several IMF-mandated reforms, such as budget adjustments, increasing interest rates, and higher energy prices.