The head of the International Monetary Fund’s mission to Pakistan said the lender and the government have made progress toward releasing the next $1 billion tranche under its current program as well as agreeing to a new loan for climate-related action.

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.