Press Release No. 97/1

Press Release: Republic of Palau Applies for IMF Membership

January 7, 1997

The Government of the Republic of Palau has filed an application for membership in the International Monetary Fund (IMF). Under the IMF's prescribed procedures for membership applications, the application must first be considered by the IMF's Executive Board. After its consideration, the Executive Board submits a report to the Board of Governors of the IMF with recommendations in the form of a Membership Resolution. These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. After the Board of Governors has adopted the Membership Resolution, the applicant country may become a member once it has taken the legal steps required under its law to enable it to sign the IMF's Articles of Agreement and to fulfil the obligations of IMF membership.