Andorra, one of the smallest countries in the world with only 85,000 inhabitants, only one third of which are residents, has applied for membership at the International Monetary Fund, Managing Director Ms. Kristalina Georgieva informed the IMF executive board on Thursday.
The IMF currently has 189 member countries.
The Principality of Andorra is a landlocked microstate located in the Pyrenees mountain range surrounded by Spain and France.
“Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) today informed the Executive Board that the Government of the Principality of Andorra has filed an application for membership in the IMF,” IMF said in a statement.
It said the application for admission to IMF membership from the Principality of Andorra will be considered in due course.
Under the IMF’s procedures, the application will be considered by the IMF’s Executive Board, which will then submit a recommendation to the Board of Governors of the IMF in the form of a Membership Resolution.
The recommendation covers the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership.
After the Board of Governors has adopted the Membership Resolution, the applicant country may become a member once it has taken the legal steps required under its law to enable it to sign the IMF’s Articles of Agreement and to fulfill the obligations of IMF membership.