Nauru has recorded AUD$267 million in its Trust Fund value as of the end of 2022.
President Russ Joseph Kun said the fund was possible through generous assistance from their partners, Australia, Republic of China (Taiwan), New Zealand and ADB.
“The fund is achieving its investment objectives and will be able to provide ongoing and secure source of revenue for the people of Nauru by 2033.”
Kun added that Nauru’s economy continues to perform well despite the highly uncertain global environment and volatile revenue streams.
“A key achievement for the Government was to develop and implement a comprehensive set of Key Performance Indicators (KPI) that helps monitor progress of Nauru’s National Sustainable Development (NSDS) goals.”
“This will not only strengthen national reporting processes but ensure that Departments spending is realistic, value for money and linked to NSDS deliverables and outputs.”
The Department of Finance will continue its work with partners to strengthen the monitoring and evaluation of State-Owned Enterprises with a dedicated unit to ensure that SOE’s are compliant with the Public Enterprise Act, particularly in areas of financial reporting and best practices.
“The past years have seen a focus on investments towards Nauru’s critical infrastructure in Transport, ICT and Energy sectors.”
“Although we have experienced challenges and setbacks in the delivery of some of these key projects such as Port redevelopment and the EMC Fibre Optic project, the Government will continue to prioritise availability of resources and support to ensure the timely completion of these critical projects,” Kun said.