South Pacific island nation Nauru has become the 189th member of the International Monetary Fund (IMF) and the World Bank. Nauru applied for membership in the Washington-based IMF and World Bank in April 2014, after joining the United Nations in 1996 as the world’s smallest independent republic.
- The World Bank, which helps developing countries to spur growth and fight poverty, welcomed Nauru as its smallest member by land mass, at 21 square kilometers.
- By joining the World Bank, Nauru gains access to financial support, technical support and special expertise in dealing with Pacific area issues, such as water and sanitation and disaster risk management amid the threat of climate change and rising sea levels.
- With the IMF, Nauru can benefit from the crisis lender’s advice on managing government finances and monetary policy.
- Before Nauru, the last country to join the IMF and World Bank was South Sudan, in April 2012.
NAURU
- Nauru is an island country in Micronesia in the Central Pacific.
- Settled by native peoples from Micronesia and Polynesia, Nauru was annexed and claimed as a colony by the German Empire in the late 19th century. After World War I, Nauru became a League of Nations mandate administered by Australia, New Zealand and the United Kingdom.
- During World War II, Nauru was occupied by Japanese troops, who were bypassed by the Allied advance across the Pacific. After the war ended, the country entered into UN trusteeship. Nauru gained its independence in 1968.
- The president of Nauru is Baron Waqa, who heads a 19-member unicameral parliament.
- Yaren is the Capital of Nauru. Australian Dollar is its currency.
