The Republic of Nauru officially joined the International Monetary Fund (IMF) on 12 April 2016, after applying for membership in April 2014 becoming its 189^th member.  Nauru’s Finance Minister, David Adeang, attended a ceremony in Washington D.C. to sign the IMF’s Articles of Agreement.

IMF Managing Director, Christine Lagarde, said that she was pleased to welcome Nauru as member of the IMF and that the IMF was ready to assist the government and people of Nauru in achieving their development objectives in cooperation with other partners in the international community.

“As Nauru faces a number of challenges common to small island economies, including its geographical remoteness and climate change, it will benefit from participating fully in the economic cooperation of our global membership,” she said.

Nauru’s initial quota in the IMF is around US$2.8 million.

Nauru has a population of about 10,500 and around 8 square miles of land area. The Australia dollar is the legal tender.