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IMF recognizes Kosovo secession from Serbia |
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Tuesday, 15 July 2008 |
 The International Monetary Fund said on Tuesday it recognized Kosovo's secession from Serbia and would consider its application for IMF membership "in due course" as an independent state.
Kosovo broke away from Serbia in February in defiance of Belgrade and its ally Russia, but has been recognized by only 43 Western states as an independent country. "It has been determined that Kosovo has seceded from Serbia as a new independent state and that Serbia is the continuing state," the IMF said in a statement. "Serbia continues its membership in the International Monetary Fund and retains all of its quota in the fund, and all assets in, and liabilities to, the IMF," the fund added. The move by the IMF is the first recognition by a premier international financial institution of Kosovo's independence and is a critical step to attracting loans and investment to the country. The IMF said under its rules, Kosovo's application must first be investigated by the IMF's board, which will also determine its subscription to the fund and the amount it will be able to borrow from the institution.
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