The International Monetary Fund says it has completed its fourth review of Egypt’s economic reform program, approving a $1.2 billion disbursement for the North African country.

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 announced on Tuesday that its executive board has completed the fourth review of Egypt's $8 billion Extended Fund Facility loan, allowing the country to immediately draw about $1.