Kosovo offered IMF membership

The IMF Board of Directors has confirmed the voting of its Board of Governors and invited Kosovo to become a member of the world financial institution.

Izvor: Beta

Saturday, 09.05.2009.

10:59

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The IMF Board of Directors has confirmed the voting of its Board of Governors and invited Kosovo to become a member of the world financial institution. According to a statement published on the IMF’s site, Kosovo will become a member once the province’s authorized member signs the provisions of the agreement in Washington. Kosovo offered IMF membership Before signing, Kosovo will first have to formally accept the agreement provisions and all the conditions sought by the Board of Governors in accordance with its own laws, and confirm that it has taken all measures to ensure that the province can carry out all its duties in line with the two documents. The proposed quota for Kosovo is 59 million Special Drawing Rights (SDR) or USD 88.46mn. The IMF currently has 185 members with a total quota of 217.4bn SDR or USD 326.6bn. The IMF board finished voting on Kosovo’s membership on Tuesday, though the results have yet to be published on the institution’s website. Under the IMF’s Statute, to gain membership a state needs to meet three conditions—it must be an internationally recognized state, have conrol of its foreign policy, and be ready and able to meet its commitments stemming from the Statute. The IMF is not obliged to be guided by the decisions of the UN or other international organizations, and practice thus far has shown that the IMF decides on membership applications on the basis of its own findings on whether the applicant meets the criteria. The formal accession procedure is preceded by a review of fulfillment of membership conditions, following which the IMF Board of Governors can adopt a resolution on a state’s membership via a simple majority of votes cast, provided a quorum is present.

Kosovo offered IMF membership

Before signing, Kosovo will first have to formally accept the agreement provisions and all the conditions sought by the Board of Governors in accordance with its own laws, and confirm that it has taken all measures to ensure that the province can carry out all its duties in line with the two documents.

The proposed quota for Kosovo is 59 million Special Drawing Rights (SDR) or USD 88.46mn.

The IMF currently has 185 members with a total quota of 217.4bn SDR or USD 326.6bn.

The IMF board finished voting on Kosovo’s membership on Tuesday, though the results have yet to be published on the institution’s website.

Under the IMF’s Statute, to gain membership a state needs to meet three conditions—it must be an internationally recognized state, have conrol of its foreign policy, and be ready and able to meet its commitments stemming from the Statute.

The IMF is not obliged to be guided by the decisions of the UN or other international organizations, and practice thus far has shown that the IMF decides on membership applications on the basis of its own findings on whether the applicant meets the criteria.

The formal accession procedure is preceded by a review of fulfillment of membership conditions, following which the IMF Board of Governors can adopt a resolution on a state’s membership via a simple majority of votes cast, provided a quorum is present.

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