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Nauru’s Economy Seeks Stability as Port Development Takes Shape

Nauru, a small island nation in the Pacific, is taking significant strides to improve its economy and trade capabilities. Despite facing challenges, Nauru remains committed to developing its infrastructure and diversifying its revenue streams.

Currency and Income

Nauru’s main source of income remains the Regional Processing Centre (RPC), which processes asylum seekers on behalf of Australia. The RPC has generated a significant collection of personal emoluments and business tax, making it the third-highest income stream for the country. However, experts warn that once the RPC closes, Nauru’s economy is likely to be severely impacted.

Government Expenditure

The Government Revenue in the Treasury Fund is governed by Article 58 of Nauru’s Constitution and Article 59(1) governs withdrawals from the fund. The country complies with these requirements, ensuring that any monies withdrawn are done so under the Appropriation Act.

Nauru Airlines and Flights

Nauru Airlines operates a fleet of six aircraft, including three passenger planes and three dedicated freighter planes. The airline has seen an increase in demand for airfreight services following the COVID-19 pandemic. Nauru Airlines continues to fly to several destinations, including:

  • Nadi (Fiji)
  • Brisbane (Australia)
  • Tarawa (Kiribati)
  • Pohnpei (FSM)

Shipping and Nauru’s Port

Nauru’s lack of a port for offloading and loading cargo has been a significant challenge. However, this is set to change with the construction of a new port, funded by an Asian Development Bank grant. The port is capable of handling large vessels carrying containers, and some ships have already been able to berth properly.

Landmark Change

A recent landmark change saw a vessel carrying petroleum products berth at the port for the first time, delivering fuel through pipes to bunkers in Buada District. This is expected to reduce handling charges and benefit the people of Nauru.

Future Developments

The whole port, including terminal buildings, are expected to be completed by next year. The development will provide a significant boost to the country’s economy, enabling more ships to berth at the port and creating opportunities for trade and commerce.