Press Release No. 10/256

Press Release: Tuvalu Joins the IMF as 187th Member

June 24, 2010

Tuvalu became the 187th member of the International Monetary Fund (IMF) today when the IMF's Articles of Agreement were signed in Washington, D.C. by Mr. Lotoala Metia, Minister for Finance and Economic Planning of Tuvalu.

Tuvalu’s initial quota¹ in the IMF is SDR 1.8 million (about US$2.7 million). With the admission of Tuvalu, the total of all members’ quotas rises to SDR 217.43 billion (about US$ 321.18 billion).

Following the signing ceremony, IMF Managing Director Dominique Strauss-Kahn met with Minister Metia at IMF headquarters.

“It is an honor for me today to welcome Tuvalu to the International Monetary Fund as our 187^th member,” Mr. Strauss-Kahn stated. “Tuvalu’s membership is a strong reminder of the importance of multilateralism and international cooperation in today’s dynamic global economy. With its size and remoteness, Tuvalu faces a unique set of economic challenges. I am confident that Fund membership will help Tuvalu strengthen its economic footing.”

¹ A member’s quota in the IMF determines in particular its capital subscription, its voting weight, its access to IMF financing, and its allocation of SDRs.