Republic of Nauru: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Nauru

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 376

Publication date: November 2023

ISBN: 9798400259678

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , staff appraisal , joint statement , IMF staff representative , Nauru agency , NA statistics , External sector statistics , Global , Australia and New Zealand , Pacific Islands

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Summary

Nauru faces structural challenges due to its small size and remoteness, and is highly dependent on imports. The narrow revenue base comprises fishing license fees, residual phosphate processing, and revenue from the Regional Processing Center (RPC). Nauru is vulnerable to the negative effects of climate change, as the population inhabit in a narrow coastal area. The health and economic impact of the pandemic has been limited in Nauru, thanks to successful vaccination and containment strategies