Europe’s tiny the Principality of Andorra formally joined the International Monetary Fund on October 16, 2020, becoming it’s 190th member.
- Andorra’s Ambassador Elisenda Vives Balmaña signed the IMF’s Articles of Agreement at a ceremony in Washington D.C.
- Andorra had applied for membership to the IMF in January 2020.
- The capital subscription that determines its voting power and access to financing – is 82.5 million Special Drawing Rights, or about $116.4 million.
- As an IMF member, the principality’s government will get an annual review of its economic prospects and policies by Fund staff, technical policy advice and full participation in IMF and World Bank spring and annual meetings.
About Andorra
- The principality of Andorra is located in the high mountains of the Pyrenees between France and Spain. Andorra la Vella is its capital.
- The first Andorran Constitution was passed in 1993, establishing parliamentary government. It then joined the United Nations and Council of Europe.
- It is not a member of the EU, but enjoys a special relationship with it and uses the euro.
About International Monetary Fund (IMF)
- Created in 1945, the International Monetary Fund (IMF) is an organization of 190 countries.
- It is governed by and accountable to the 190 countries that make up its near-global membership.
- The IMF’s fundamental mission is to ensure the stability of the international monetary system. It does so in three ways:
- keeping track of the global economy and the economies of member countries;
- lending to countries with balance of payments difficulties; and
- giving practical help to members.
- The Special Drawing Rights (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
- Unlike the General Assembly of the United Nations, where each country has one vote, decision making at the IMF was designed to reflect the relative positions of its member countries in the global economy.
(Indian Express, IMF and BBC)
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