For a little girl (I'm only 5'4" on a wishful day so I can say that ), that's a long top tube -- about 55 cm. You're probably going to have to change the stem and the bars to the shortest you can -- and you may still have problems and the handling may get odd. If you climb steep hills, you may really notice it.

I ride top tubes of 52.5 to 53 cm for comparison.

Don't raise the bars. Even with the saddle is fine.