Pakistan has met the International Monetary Fund's final prerequisite for the release of $1.1 billion of bailout funds under the seventh and eighth reviews, the lender's resident representative said on Tuesday.

The last condition was an increase in the petroleum development levy on July 31, the IMF's Esther Perez Ruiz told Reuters in a message.

She said the meeting of the IMF board to release the bailout funds for Pakistan is tentatively planned for late August, once adequate financing assurances are confirmed by Pakistan.

Last month Pakistan's finance minister said country was likely to get $4 billion from friendly countries to bridge a gap in foreign reserves highlighted by IMF, days after sealing a deal with the lender.

High commodity prices have hit Pakistan hard. The current account deficit soared to over $17 billion in the last financial year compared to under $3 billion in the previous period.

Reserves have dropped to dangerous levels of $8.5 billion, covering less than two months of imports.

Pakistan's annual consumer price inflation reached 24.9% in July, up from 21.3% in June and the highest in 14 years.

On Friday, Pakistan's powerful army chief appealed to Washington to use its leverage to secure the early release of International Monetary Fund money, as the South Asian nation struggles to stave off an economic crisis. (Reporting by Gibran Peshimam; Editing by Andrew Heavens and Christina Fincher)