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IMF Staff Calls for Ongoing Reforms to Boost Nauru’s Economic Growth
Washington, D.C., June 2023 - The International Monetary Fund (IMF) has called on the authorities of Nauru to continue implementing reforms to strengthen its economy and improve access to formal financial services.
Enhancing Anti-Money Laundering Efforts
In a statement issued yesterday, IMF staff praised Nauru’s efforts to enhance its Anti-Money Laundering and Targeted Financial Sanctions Act 2023, which was recently passed. The new law is expected to improve the country’s outcomes in the ongoing mutual evaluation by the Asia Pacific Group on Money Laundering (APG). A positive outcome would be beneficial for Nauru’s economy.
Recommendations for Economic Growth
IMF staff also encouraged the authorities to continue improving the country’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework. Additionally, they recommended measures to:
- Improve human capital through education spending to increase enrollment and attendance rates, as well as teacher-to-student ratios.
- Diversify the economy by completing a new port and related infrastructure projects, which could bring in new sources of growth and employment opportunities.
- Address governance and corruption vulnerabilities to achieve Nauru’s medium-term growth and development objectives.
Key Recommendations
• Continue improving the AML/CFT framework • Enhance human capital through education spending and infrastructure development • Diversify the economy through structural reforms • Address governance and corruption vulnerabilities
Contact Information
Pemba Sherpa, IMF Communications Department Phone: +1 202 623-7100 Email: MEDIA@IMF.org
Note to Editors
The International Monetary Fund (IMF) is an organization of 190 countries, working together to promote global economic stability and prosperity. The IMF’s main purpose is to ensure the stability of the international monetary system, facilitate international trade and exchange, and provide financing to its member countries.