Andorran Finance Minister, Jordi Cinca, met with Tom R. Rumbough, secretary responsible for International Monetary Fund’s (IMF) new entrants, on Wednesday, 14 February, to continue the talks that have already begun to make Andorra become a member of this international financial governance body. Minister Cinca, along with the Secretary of State for International Financial Affairs, Clàudia Cornella and Andorran ambassador to the United States, Elisenda Vives, also officially visited the World Bank headquarters in Washington. 

In the meeting with IMF leaders, Jordi Cinca, described the process of economic and financial reforms Andorra has carried out in recent years. In this sense Cinca said Andorra’s participation in the IMF would be aligned with the policy of participation with other international organizations such as Moneyval or the Global Forum (OECD). He added Andorra’s approach to the IMF could offer greater stability and credibility to the financial system in the Principality.

During the meeting, delegates discussed on application requirements for Andorra to become member of the IMF. This documentation will be completed in the coming weeks. Once the application has been processed, the admission procedure can be extended for up to one year.

189 countries are currently members of the IMF, including San Marino, Luxembourg and Switzerland. This international financial institution works in monetary cooperation, international financial stability and exercises international economic surveillance.

Text and photo: Govern d’Andorra