The International Monetary Fund approved the disbursement of $1.2 billion to Egypt following completion of the fourth review of the country's $8 billion economic reform programme, after allowing Egypt to waive a primary budget surplus target.

The International Monetary Fund approved $2.5 billion in financing for Egypt — about half of which will be paid out immediately — in a boost for the country seeking to emerge from its worst economic crisis in decades.

The International Monetary Fund has approved the disbursement of $1.2 billion to Egypt after completing the fourth review of the country's $8 billion economic reform programme with the lender.