Malawi: IMF approves $156.2 mln loan

The International Monetary Fund on Monday approved a $156.2 million loan to Malawi's new government to address the country's chronic balance of payments problems and to boost economic growth. The fund said it would immediately disburse $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 aid-dependent country without their help.