IMF approves $1.2 billion for Egypt

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 IMF's executive board also approved Egypt's request for an arrangement under the resilience and sustainability facility with access to about $1.3 billion, the lender said in a statement. Cairo first requested financing under the facility in 2022.