Trust Fund

Nauru Trust Fund records over AUD$200 million last year

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.

ADB says trust fund vital for Nauru economy

ADB economist, Roland Rajah, writing in a new report, said Nauru had experienced an economic boom in recent years due to the Australian asylum seeker processing centre, along with strong revenues from fishing licences.

But he said the good times were unlikely to last forever and this had exposed the country to stark fiscal sustainability concerns.

Mr Rajah said the establishment of the trust fund was a critical first step to help address this situation.

Nauru sets up a new trust fund

According to RNZI, in a statement, the government said that by the middle of the year it expects to have US$24 million based on an Asian Development Bank grant, and annual contributions by Australia and Taiwan.

The Intergenerational Trust Fund will be chaired by the finance minister, David Adeang.