WASHINGTON, July 8 (Reuters) - The International Monetary Fund on Wednesday approved a $1.57 billion loan accord with Bosnia, which it said was designed to mitigate the effects of the global financial crisis.

The IMF said it would immediately disburse $282.37 million to the Baltic country and the remainder in installments subject to quarter performance reviews.

(Reporting by Lesley Wroughton; Editing by Diane Craft)