Andorra becomes IMF’s 190th member as coronavirus pandemic hits tourist entries

(Reuters) – Europe’s tiny Andorra formally joined the International Monetary Fund on Friday, becoming the crisis lender’s 190th member state as the tourism and trade-dependent principality struggles with the coronavirus pandemic.

The IMF said in a statement that Andorra’s initial quota – the capital subscription that determines its voting power and access to financing – is 82.5 million Special Drawing Rights, or about $116.4 million.

“Andorra faces both short-term and long-term challenges common to European and other IMF member countries which have been aggravated by the (coronavirus) pandemic,” IMF Managing Director Kristalina Georgieva said in a statement after a signing ceremony with Elisenda Vives Balmana, Andorra’s ambassador to the United States, Canada and Mexico and the United Nations.

Related Posts