Montenegro Seeks IMF Membership After Breaking from Serbia

Newly independent Montenegro has submitted a formal application to join the International Monetary Fund, the IMF announced on 21 July 2006. The application was received on Tuesday and will be reviewed by the Fund's governing board at an appropriate time.

While Montenegro's bid is pending, the IMF confirmed that Serbia will carry forward all membership rights previously held by the former union of Serbia and Montenegro, retaining the combined state's full quota and all related financial assets and obligations within the Fund.

Should the board of governors approve Montenegro's application, the small Balkan nation would become the IMF's 185th member.

Montenegro officially marked its independence on 12 July, following a referendum in which citizens voted to separate from Serbia. Belgrade had been reluctant to accept the split.

Historical summary. TurkishPress restated this wire report, first published in July 2006, in its own words.