By Francis Ntow
Washington, DC (USA), Oct 22, GNA – The Principality of Liechtenstein, Central Europe, has become the 191th member of the International Monetary Fund (IMF), following the signing of the Fund’s Articles of Agreement.
Prime Minister Daniel Risch signed the agreement during a ceremony in Washington DC, USA, at the ongoing 2024 IMF/World Bang Group (WBG) annual meetings.
Ms Kristalina Georgieva, Managing Director, IMF, after the ceremony expressed delight in welcoming Liechtenstein to the IMF community.
“This membership signifies Liechtenstein’s commitment to upholding the highest standards of economic policy and cooperation on the international stage,” she said.
She pledged the Fund’s commitment to working closely with the authorities to support Liechtenstein’s efforts toward sustainable growth and further integration into the global economy.
She noted that Liechtenstein was joining the IMF at a time that members and the global economy were navigating greater uncertainty and long-term challenges such as economic fragmentation and climate change.
“This accession reaffirms the important role entrusted to the IMF in fostering global economic cooperation and stability. Together, we will build a more inclusive and sustainable economic future for all members,” Ms Georgieva said.
Prime Minister Dr Daniel Risch, said they were interested in contributing to constructive engagement towards the advancement of international economic resilience and stability
“As a small country with limited administrative resources, we reflect carefully before joining international organisations, evaluating not only the consequences and benefits of what the organisation can bring us – but also what we can bring to the organisation ourselves,” he said.
Prime Minister Risch also said Liechtenstein would be a committed and dedicated member of the Fund.
Liechtenstein applied for IMF membership in May 2023, which led to an IMF team visiting Vaduz, the capital of Liechtenstein from November 27 to December 8, 2023.
The principality’s decision to join the IMF was confirmed by a majority in a national referendum conducted on September 22, 2024. The initial quota for Liechtenstein is SDR 100 million (about US$134.7 million).
Liechtenstein is a small, landlocked country located in Central Europe, bordered by Switzerland to the west and Austria to the east, with a population of approximately 40,000, with its workforce exceeding its population – 42,500 in 2022.
They have the second highest per capita income on of US$197K/year in Europe, only behind Monaco.
Being home to mountains, forests, and the Rhine River, Liechtenstein is a tourism destination, and has a strong financial sector and industrial sector (mainly, electronics, metalworking, and pharmaceuticals).
GNA