Kosovo approved for membership in IMF

May 8, 2009, 23:44 GMT

Washington - The International Monetary Fund on Friday became the first major international institution to offer Kosovo membership.

Kosovo has been struggling for international recognition since it unilaterally declared independence from Serbia in February 2008. It has been recognized by dozens of countries, including the United States and many Western European governments.

The IMF's voting structure allowed Kosovo to gain membership despite the objections of Serbia, Russia and others that have refused to recognize its independence.

Only the United States has an effective veto over the IMF's decisions, unlike the United Nations, where Russia could block any efforts by Kosovo to join.

Kosovo's Prime Minister Hashim Thaci on Wednesday said that IMF membership 'represents another historical act for Kosovo and its future in Europe and Euro-Atlantic structures.'

Serbian Prime Minister Mirko Cvetkovic said the IMF's approval was to be expected. 'The important thing is that they are not members of UN,' he said.

The IMF on Friday said its executive board had certified a vote by the organization's 185 members, approving Kosovo's membership. Pristina still must formally accept the offer to join.

In addition to expanding Kosovo's international profile, membership in the IMF would give the country access to economic aid from the global lender. World leaders last month agreed to triple the IMF's resources to help countries suffering in the ongoing global recession.

Joining the IMF will allow Kosovo to apply for membership in the World Bank, the IMF's sister agency, which focuses more on aid to developing countries.

Thaci said he expected Kosovo to join the World Bank in June.