The Principality of Andorra became the 190th member of the International Monetary Fund (IMF) on Friday, October 16th. This process began last January, when the Andorran Minister of Finance and Spokesman, Eric Jover, submitted the formal request to the international body.

After months of joint work between the technical teams of both the Government and the IMF, the Andorran Ambassador to the United States, Elisenda Vives, submitted on Friday IMF headquarters in Washington, coinciding with the organisation’s annual autumn meeting.

Vives, empowered by the Government, signed the statutes on behalf of Andorra, and the Minister Eric Jover and the Secretary of State for International Financial Affairs, Marc Ballestà, also participated by telematic means. With the signing of the statutes, the Principality of Andorra has become the 190th full member country of the IMF.

The Andorran delegation – Jover, Ballestà and Vives – held a private meeting with the Director General of the IMF, Kristalina Georgieva, and also with other members of the organisation – including the current Executive Director of the group where Andorra is joining, Anthony De Lannoy, and the Secretary of the IMF, Ceda Ogada.

The Minister Jover highlighted that “For Andorra, entering the IMF will allow us to improve our reputation and international recognition, have access to more and better technical assistance and training in financial matters and open the door to a financial safety net in case of need.”

Andorra votes for the first time at the IMF plenary session

With its accession to the International Monetary Fund this Friday, Andorra was able to participate as a full member in the body’s plenary session and cast its first vote. In this regard, Minister Eric Jover, in his capacity as Governor-designate of the Principality, has voted by mail in the election of the director who must represent Andorra in the executive management of the body.

The executive management is made up of 24 directors representing countries or districts. Andorra has thus joined the group known as “Belgian/Dutch”, adding 15 countries to its membership. Paul Hilbers replaces Anthony De Lannoy as executive director of this district, the fourth most important in the organization after the groups of the United States, Japan, and China. These votes take place every two years and countries can, if they wish, change groups.

A ten-month endorsement process

Andorra’s entry to the International Monetary Fund puts an end to a process that formally began last January and fulfils one of the Government’s electoral commitments. Andorra’s incorporation was approved by a large majority at the Consell General-favourable votes from Demòcrates, Liberals d’Andorra, Ciutadans Compromesos and Terceravia and abstention from the Partit Socialdemòcrata- on October 5th.

The Principality of Andorra has maintained relations with the IMF for several years. The contacts with the entity were accelerated after the assessment at the end of the last legislature of the Consell General’s Special Commission for Surveillance and Risk Prevention for Financial Stability, and also in response to the recommendations of the European Parliament and the Rating agencies.

The IMF was created in 1945 to promote global monetary cooperation, to ensure financial stability, to promote employment and sustainable economic growth and to reduce poverty. With Andorra’s accession, there are only 4 United Nations member countries left that are not part of the IMF.

Text and foto: Govern d’Andorra.