Press Release No. 06/161

Press Release No. 06/161

Following the declaration of independence from Serbia by Montenegro, and reflecting the views of the international community on this matter, it has been determined that Serbia is the continuing state of the former state union of "Serbia and Montenegro" and that Montenegro has seceded as a new independent state. Accordingly, Serbia continues the membership of the former Serbia and Montenegro in the International Monetary Fund (IMF) and retains all of this member's quota in the Fund, and all assets in, and liabilities to, the IMF.

On July 18, 2006, the IMF received an application for admission to membership in the IMF from Montenegro. The application for admission to membership in the IMF from Montenegro will be considered in due course.

Under the IMF's prescribed procedures for membership applications, the application must first be considered by the IMF's Executive Board. After its consideration, the Executive Board submits a report to the Board of Governors of the IMF with recommendations in the form of a Membership Resolution. These recommendations cover 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.

The IMF currently has 184 member countries.