The International Monetary Fund recognized Kosova’s independence and will consider possible membership for the fledgling state.

Below is an article published by New York Times :

The International Monetary Fund said on Tuesday [15 July 2008] it recognized Kosovo's secession from Serbia and will consider its membership application "in due course" as a sovereign Balkan state.

The IMF's acknowledgment of Kosovo's independence is the first by a premier international institution and a boost for Kosovo's legitimacy, although there is no guarantee that its membership will be approved, with Serbia and ally Russia expected to try and block it.

Kosovo broke away from Serbia in February [2008] in defiance of Belgrade and Moscow, but it has been recognized by 43 mostly Western governments including the United States and many European countries, which have a majority voting power in the IMF. 

"It has been determined that Kosovo has seceded from Serbia as a new independent state and that Serbia is the continuing state," the IMF said in a statement.

"Serbia continues its membership in the International Monetary Fund and retains all of its quota in the fund, and all assets in, and liabilities to, the IMF," the fund added.

IMF staff sources said the decision to recognize Kosovo's secession from Serbia was made by the IMF's management following consultation with countries and not by a formal sitting of the IMF's 24-member executive board that includes Russia.

Sources said a majority of countries supported the move based on voting power.