OREANDA-NEWS. April 13, 2016. The Republic of Nauru joined the International Monetary Fund (IMF) today when Finance Minister David Adeang signed the IMF’s Articles of Agreement at a ceremony in Washington D.C. Nauru had applied for membership in the IMF in April 2014 (see Press Release No. 14/216).

Nauru’s initial quota1 in the IMF is SDR 2.0 million (about US\\$ 2.8 million).

Following the signing ceremony, IMF Managing Director Christine Lagarde met with Minister Adeang at IMF headquarters.

“I am very pleased to welcome Nauru as member of the IMF,” said Ms. Lagarde. “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. The IMF stands ready to assist the government and people of Nauru in achieving their development objectives in cooperation with other partners in the international community,” she added.

1 A member’s quota in the IMF determines its capital subscription, its voting power, its access to IMF financing, and its allocation of SDRs.