The International Monetary Fund has approved the release of about $2.3 billion to Egypt following the completion of key programme reviews.

In a statement on Wednesday, the IMF said nearly $2 billion was unlocked under the Extended Fund Facility, with an additional $273 million available through the Resilience and Sustainability Facility.

Egypt secured an $8 billion IMF support package in March 2024 to tackle a severe economic crisis. The Fund said tighter fiscal and monetary policies and exchange rate reforms have improved macroeconomic stability.

However, it warned that progress on structural reforms, including reducing state control of the economy, has been slower than expected.