Liechtenstein is one of the last countries to join the IMF
Published: Sunday, Sep 22nd 2024, 14:20
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The Principality of Liechtenstein is one of the last countries to join the International Monetary Fund (IMF). In a referendum on Sunday, the voters of the tiny state voted in favor of joining the IMF.
According to the official voting website, 6919 voters were in favor of joining the IMF, while 5482 were against. This corresponds to 55.8 percent of votes in favor. The turnout was 59.9 percent.
As a specialized agency of the UN, the IMF's main task is to grant loans to countries without sufficient currency reserves that are experiencing payment difficulties. During the referendum campaign, the Liechtenstein government also used security aspects to promote membership.
Even in the wealthy Principality, a major bank could go bankrupt or a major natural disaster could occur and financially overwhelm the small country with its population of just under 40,000.
"Relatively favorable security"
The IMF is the only institution that offers financial support to countries with financial problems, the executive wrote in the voting message. For a contribution of CHF 500,000 per year, this additional security is also "relatively cheap".
The Liechtenstein parliament approved the accession in May. A referendum was held against this. The opponents of accession argued unsuccessfully that the IMF was an "extension of US policy".
Around 190 countries belong to the IMF, Switzerland has been a member for 32 years. With Liechtenstein's accession, only Cuba, North Korea and Monaco are not among the UN members.
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