July 23 (Reuters) - The International Monetary Fund on Monday approved a ${esc.dollar}156.2 million loan to Malawi's new government to address chronic balance of payments problems and boost growth.
The Fund said it would immediately disburse ${esc.dollar}19.5 million to the country, which elected a new president, Joyce Banda, in April. The economy had been teetering on the brink of collapse after former President Bingu wa Mutharika told donors he could run the country without their help.
The IMF said Banda's government had moved quickly to devalue the kwacha currency, although the year-on-year inflation headline rate had risen 17.3 percent in May 2012. (Reporting By Lesley Wroughton; Editing by Phil Berlowitz)
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