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.
- 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.
- 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