Andorra, World’s Smallest Country Applies To join IMF

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The World’s smallest country Andorra has applied to join the International Monetary Fund (IMF) the bank’s Managing Director Ms. Kristalina Georgieva revealed, on Thursday.

The tiny country with a population of 76,965 according to 2017 World Bank census is located between France and Spain in the Pyrenees mountain and it’s known for its ski resorts and tax-haven status that encourages duty-free shopping.

Georgieva, in a statement, said she would duly inform the Executive Board that the Government of the Principality of Andorra has filed an application for membership in the IMF.

“The application for admission to IMF membership from the Principality of Andorra will be considered in due course,” she said in the statement.

The IMF boss further said that “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” she added.

The IMF currently has 189 member countries.

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