Prime Minister Daniel Risch signs IMF agreement in Washington DC
Vaduz (ots)
On Monday, 21 October 2024, Prime Minister Daniel Risch signed the agreement with the International Monetary Fund (IMF) in Washington DC. The signing took place one month after the referendum in Liechtenstein was held, in which 55.8% of voters supported joining the IMF.
In his speech, Prime Minister Daniel Risch highlighted the importance of the accession: "Joining the IMF as its 191st member is undoubtedly a historic moment for Liechtenstein. This is especially true given that Liechtenstein always carefully evaluates any accession to international organisations." He explained that as a highly export-oriented economy with a significant industrial and manufacturing sector - including several global market leaders - and a financial sector with strong international ties, Liechtenstein recognises that open trade and international economic cooperation are crucial factors for economic success. "We are grateful for the constructive discussions before and during the accession process, and we look forward to working together with the IMF and its members," Prime Minister Daniel Risch said.
Long-standing goal achieved
Liechtenstein's worldwide network has contributed significantly to the country's prosperity. The export-oriented financial centre and business location have experienced consistent positive growth for many years, thanks in part to strong cooperation with other countries and membership in international organisations. The decision to join the IMF had been under discussion for many years and was a key goal of the 2019 financial centre strategy. After extensive deliberations, the Liechtenstein Parliament, by a large majority, authorised the Government to start accession negotiations in September 2022. In May 2024, the Government presented the outcome of the negotiations to Parliament, which approved the outcome and the accession by a large majority. A referendum was called against this decision, and on 22 September 2024, the people of Liechtenstein voted on joining the IMF, with 55.8% in favour. This makes Liechtenstein only the second member to join the IMF with direct democratic approval.
Contact:
Ministry of General Government Affairs and Finance
Simon Biedermann, Secretary General
T +423 236 64 47
Simon.Biedermann@regierung.li