October 16, 2020/IMF
The Principality of Andorra joined the International Monetary Fund (IMF) today when 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 (See Press Release 20/5 ).
Andorra’s initial quota1 in the IMF is SDR 82.5million (about US$ 116.4 million).
Following the signing ceremony, IMF Managing Director Kristalina Georgieva met with Ambassador Vives at IMF headquarters.
“I am very pleased to welcome Andorra as the 190th member of the IMF,” Ms. Georgieva said. “Andorra faces both short-term and long-term challenges common to European and other IMF member countries which have been aggravated by the pandemic. The IMF stands ready to work closely with the authorities and people of Andorra in achieving their post-pandemic growth and development objectives in cooperation with other partners in the international community,” she added.
1 A member’s quota in the IMF determines its capital subscription, its voting power, its access to IMF financing, and its allocation of SDRs.