Kosovo says it is able to join IMF

Kosovo said on Tuesday it has gained enough votes to join the International Monetary Fund (IMF).

(KosovoCompromise Staff) Wednesday, May 06, 2009

Serbia and Russia called for absentions, but steady US pressure on small IMF member countries ensured sufficient shareholder support on the "yes" side.

Half of members, or 93, still had to vote either way to make the endorsement valid.

Although only 58 countries in the United Nations have recognised Kosovo, voting power in the IMF varies substantially, according to their shares in the institution. The US holds nearly 17 per cent, while the UK and France - also among the strongest backers of independence - hold nearly 5 per cent each.

"With the countries that recognise us, we are well over 50 per cent," said Shpend Ahmeti, director of the Institute for Advanced Studies (GAP) in Pristina.

Some countries that refuse to accept Kosovo as a state backed its IMF membership, including Greece, one of five European Union member states supporting Serbia's territorial integrity.