Government initiates procedure for accession to the IMF

International Monetary Fund

10/01/2020

Further to the proposal of the Minister of Finance, Eric Jover, the Government has approved to proceed with the application for Andorra to join the International Monetary Fund (IMF) through a letter that the Minister has already sent to this Institution.

This is the beginning of a process that normally takes approximately one year and which will involve joint work of the technical teams of both the IMF and the Government. This work should allow, among others, to establish the corresponding quota for Andorra or the statistical data that the country will have to provide

The Principality has maintained relations with the IMF for years, nevertheless contacts were accentuated and accelerated by several factors: the opinion, at the end of last legislature, of the General Council's Special Commission on Surveillance and Risk Prevention for Financial Stability and the recommendations of the European Parliament regarding the Association Agreement between Andorra and the EU that is being negotiated as well as those of the rating agencies.

Andorra's accession to the IMF will enable the improvement of the Principality's international reputation and accreditation, the access to technical assistance and training, for example in financial or statistics matters, and the possibility of receiving financing if necessary.

This international Institution was created in 1945 to promote global monetary cooperation, ensure financial stability, promote employment and sustainable economic growth and reduce poverty. There are currently only five countries in the world that are not members of the IMF, among which Andorra.

Source: Department of communication of the Government of Andorra