IMF Survey: Montenegro Becomes IMF's 185th Member
IMF News, January 29, 2007
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Bibliographic details
- Published: January 29, 2007
Admission details
- Montenegro joined the IMF on January 18.
- Montenegro became the institution's 185th member.
- The Articles of Agreement were signed in Washington, D.C., by Ljubiša Krgović, President of Council of Central Bank of Montenegro.
- Montenegro's Finance Minister, Igor Luksic, attended the signing ceremony.
- New member photo caption: "New member: Ljubisa Krgović (l), President of Council of Central Bank of Montenegro, signs Articles of Agreement. (Photo: Stephen Jaffe/IMF)"
Timing and publication
- IMF Survey online publication date: January 29, 2007.
- The IMF was founded in 1944 and began with 45 member countries.
Quota, financial implications, and voting
- Montenegro's initial quota in the IMF is 27.5 million Special Drawing Rights (SDRs) (about $41.2 million).
- With the admission of Montenegro, total members' quotas in the IMF rise to SDR 216.75 billion (about $325.01 billion).
- Explanation of quota role: "Each member country is assigned a quota, based broadly on its relative size in the world economy. A member's quota determines its maximum financial commitment to the IMF and its voting power and also has a bearing on its access to IMF financing."
Official comment
- IMF Managing Director Rodrigo de Rato said that Montenegro's membership marked "another decisive step in the process of nation building. Montenegro is claiming its place as a respected member of the global community of nations, and it is demonstrating its commitment to meet the responsibilities and reap the benefits of international cooperation."
IMF Survey: Montenegro Becomes IMF's 185th Member — IMF staff, January 29, 2007