CHANNELBALI Washington DC | By Ana Lariau and Jenny Lee. Andorra applied for membership to the IMF in January 2020. The process, which included collecting economic information for the calculation of Andorra’s quota, was completed virtually due to the travel restrictions related to COVID-19. Several IMF departments worked together to make this happen – European, Finance, Legal, Secretary’s, and Statistics, On October 16, 2020.
Membership allows the Andorran government to benefit from IMF policy advice, especially as the country tackles the crisis caused by COVID-19 and develops policies for a sustained recovery. In particular, the country can now receive an annual review or “health check” of its economy by the IMF, tap technical assistance, and access IMF lending if needed.
Andorra can now also attend the IMF-World Bank Spring and Annual Meetings as a full member, where delegates from around the world meet and exchange views on the state of the global economy.
Five interesting facts
Andorra is tiny, but it is the largest microstate in Europe. With an area of 181 square miles, Andorra is about two-thirds the size of the island city-state of Singapore. However, it is the largest among the six European microstates, followed by Liechtenstein, Malta, Monaco, San Marino, and Vatican City. (dr)
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