Typical street scene in Santa Ana, El Salvador. (Photo: iStock)
January 29, 2007
The former Yugoslav republic of Montenegro joined the IMF on January 18, becoming the institution's 185th member.
New member: Ljubisa Krgović (l), President of Council of Central Bank of Montenegro, signs Articles of Agreement. (Photo: Stephen Jaffe/IMF)
NEW IMF MEMBER
The Articles of Agreement were signed in Washington, D.C., by Ljubiša Krgović, President of the Council of the Central Bank of Montenegro. Montenegro's Finance Minister, Igor Luksic, attended the signing ceremony.
The IMF was founded in 1944 and began with 45 member countries.
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."
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).
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.
