Kosovo joins IMF, World Bank

Kosovo joined the International Monetary Fund and the World Bank on Monday, becoming the 186th member of the multilateral institutions a little more than a year after independence.

Kosovo President Fatmir Sejdiu and Prime Minister Hashim Thaci signed the institutions' articles of agreement at the US State Department.

The accession marks a milestone for recognition of the tiny country, one of Europe's poorest, as an independent state.

Since ethnic Albanian-majority Kosovo broke away from Serbia and became independent on February 17, 2008, 60 countries -- including the United States and 22 of the European Union's 27 member nations -- have recognized its independence.

Serbia is backed by ally Russia in its opposition to the secession, which it considers a breach of international law.

"We will do our best to be worthy to be equal to all of the rest of the world," Kosovo's finance minister, Ahmet Shala, said at a news conference at the IMF headquarters.

"I believe with this membership more countries are going to recognize Kosovo," he added.

Serbia has won the right to seek an opinion on the dispute from the International Court of Justice (ICJ).

In April, the ICJ confirmed that it had received legal arguments from Serbia and Kosovo on the dispute along with the written views of 35 UN members, including 21 that have recognized the declaration of independence.