Cinca expressed yesterday before the IMF the willingness of the principality to be part of the financial institution. Next week the case file will be completed and the process will begin, which will last for almost a year.
Andorra will be an IMF member next year. Finance Minister Jordi Cinca met yesterday in New York with Tom R. Rumbough, head of new revenue for this financial governance body, with whom he discussed aspects related to Andorra's application for membership. Xavier Espot, advanced in the press conference after the Council of Ministers, that next week will be sent the necessary documentation to complete the documentation of the principality. Cinca, accompanied by the secretary of financial affairs, Claudia Cornella, and the ambassador of Andorra to the United States, Elisenda Vives, formally and publicly stated the will of the principality to take this step.
The Minister of Social Affairs, Justice and Home Affairs indicated "the approximation of Andorra to the IMF can offer greater stability and credibility to the financial system and highlighted the importance of making this incorporation effective. Espot recalled that the IMF works in monetary cooperation and financial stability, and that it exercises international economic surveillance.
The minister pointed out among the benefits that getting into this international financial institution could have for the principality, such as generating statistics and meeting the demands of rating agencies.