Kosovo says close to joining IMF - report

Kosovo was close to joining the International Monetary Fund (IMF), the finance minister of the government in Pristina, Ahmet Shala, was quoted as saying by Reuters.

Kosovo was close to joining the International Monetary Fund (IMF), the finance minister of the government in Pristina, Ahmet Shala, was quoted as saying by Reuters."Today is the end of the first phase of voting," Finance and Economy Minister Ahmet Shala told Reuters on May 5. "We are hearing good things and I believe that we will conclude this challenge successfully and become a member of the IMF."Kosovo declared its independence from Serbia in February 2008, which has been recognised by 58 countries so far, including the US and 22 member states of the European Union. Notable absentees on the list include Russia, who said it would back Serbia to the end as Belgrade continues its diplomatic efforts to bloc void the proclamation, and China.Kosovo has applied for membership in the United Nations, the IMF and the World Bank, but is yet to be accepted into any major international organisation.The voting on Kosovo's membership in the IMF started on April 7 and is due to end late on May 5, Reuters said. "We will receive an official confirmation in few days," Shala was quoted as saying.Kosovo, which relies heavily on remittances from expatriate workers and international aid, would not ask for an IMF loan as soon as it joins, Shala said. Since 1999, Kosovo has received about three billion euro in aid and is expecting to receive another billion euro from international donors by 2011."For the time being, Kosovo is not hit hard by the global financial crisis," Shala was quoted as saying. "The economic crisis will not hit Kosovo so hard that we should ask for help."