Current Affairs PDF

Nauru becomes 189th member of IMF, World Bank

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

South Pacific island nation Nauru has become the 189th member of the International Monetary Fund (IMF) and the World Bank.

  • Nauru applied for membership in the Washington-based IMF and World Bank in April 2014, after joining the United Nations in 1996 as the world’s smallest independent republic.Nauru becomes 189th member of IMF, World Bank
  • The World Bank, which helps developing countries to spur growth and fight poverty, welcomed Nauru as its smallest member by land mass, at 21 square kilometers.
  • South Sudan had become the institution’s 188th member and last country to join the IMF and World Bank in April 2012.

IMF vs World Bank:


  • IMF promotes exchange stability and orderly exchange relations among its member countries. World Bank assists developing countries via long-term financing of development projects and programs. While IMF lends for Short Term.

Type of Projects:

  • World Bank especially extends loan for development projects and also for health and education
  • IMF looks over the international monetary system while World Bank promote the economic development of the poor countries.
  • The IMF is a small institution as compare to World Bank and unlike the World Bank, has no affiliates or subsidiaries.

Organisation Structure:

  • The structure of World Bank is more complex than IMF. World Bank comprises two institutes: the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
  • Washington DC, is the base for World Bank Group and International Monetary Fund.


  • Capital: Yaren District
  • Currency: Australian Dollar