Nauru Current Affairs

Nauru Ratifies International Solar Alliance Framework Pact

The tiny island of Nauru which is the world’s smallest republic has become the sixth country to ratify the International Solar Alliance (ISA) Framework pact. Still five more nations namely the Comoros, Cote d’Ivoire, Somalia, Ghana and Djibouti have committed to ink the International Solar Alliance Framework Pact in the ongoing annual meeting of the African Development bank in Gandhinagar. This is the first time that India is hosting the annual meetings of the AfDB and its sister institutions. India had joined the African Development Bank (AfDB) in 1983.

Nauru

Nauru is a tiny island republic in Micronesia located in the northeast of Australia. Nauru has a population of 10,200-odd individuals. The highest point in the island measures only 65 metres above sea level. Hence, the island remains vulnerable to the adverse effects of climate change. Nauru has a hot and humid climate and normally don’t experience cyclones. Around 30% of the country’s power needs are met through solar power installations. The tiny republic has set a target for attaining 50% of energy production from renewable sources by 2020.

ISA

On the first day of the COP-21 summit, the International Solar Alliance was launched by Indian Prime Minister Narendra Modi and French President Francois Hollande as a union of countries with abundant sunlight. Under this alliance, 121 countries that fall within the tropics {i.e. between Tropic of Cancer and Tropic of Capricorn} have been invited to make collaborative efforts to harness solar energy to generate the electricity. Most of these countries fall within Asia, Africa and South America.There are three objectives behind the International Solar Alliance. First is to force down prices by driving demand; second is to bring standardization in solar technologies and third is to foster research and development.

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Nauru becomes 189th member of IMF, World Bank

The Republic of Nauru, a tiny South Pacific island nation in Pacific Ocean became the 189th member of the International Monetary Fund (IMF) and World Bank i.e. Bretton-Woods institutions.

Nauru had applied for membership in the Washington-based IMF and World Bank in April 2014. Its initial subscription quota for IMF will be of SDR (Special Drawing rights) 2 million or about $2.81 million. It will be the second smallest member of the Fund, after Tuvalu.

Benefits to Nauru

  • By joining the World Bank: The island country gains access to financial support, technical support and special expertise to deal with Pacific area issues, such as water and sanitation and disaster risk management amid the threat of climate change and rising sea levels.
  • By joining the IMF: Nauru can benefit from the IMF’s crisis lender’s advice on managing government finances and monetary policy.

Before Nauru, the last country to join the World Bank and IMF as 188th member was South Sudan in April 2012.

About Republic of Nauru

  • Nauru is a tiny island country in Micronesia, northeast of Australia. It is the smallest sovereign state in the world after the Vatican City in terms of both population and area.
  • It has a population of about 10,500 and a land area of about 8 square miles. The Australian dollar is its currency or legal tender.
  • It had joined United Nations (UN) in 1996 as the world’s smallest independent republic.

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