Subject: East Timor applies for IMF membership

East Timor applies for IMF membership

WASHINGTON, April 4 (AFP) - East Timor has applied to join the International Monetary Fund after it gains independence May 20, the IMF said here Thursday. The application is to be considered by the IMF executive board, which will submit a report to the Fund governors detailing the terms of membership, it said in a statement.

If accepted, East Timor would be the 184th Fund member.

East Timorese voted in a United Nations-sponsored ballot in August 1999 to split from Indonesia, prompting a bloody and destructive backlash from pro-Jakarta militias supported by elements of the Indonesian army.

Australian-led international troops arrived in September to secure the territory against the massive campaign of destruction, and the UN took over the administration in October 1999.

The territory will take one of the last steps towards independence on April 14 when it elects a president. Former guerrilla fighter Xanana Gusmao is widely expected to win overwhelmingly.

Press Release No. 02/17 April 4, 2002

International Monetary Fund 700 19th Street, NW Washington, D.C. 20431 USA

East Timor Applies for IMF Membership

The Second Transitional Government of East Timor has filed an application for membership in the International Monetary Fund (IMF) to take effect after the country's independence on May 20, 2002. 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 fulfill the obligations of IMF membership.

IMF EXTERNAL RELATIONS DEPARTMENT Public Affairs: 202-623-7300 - Fax: 202-623-6278 Media Relations: 202-623-7100 - Fax: 202-623-6772

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