NAURU'S PARLIAMENT PASSES ANNUAL BUDGET

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YAREN, Nauru (October 2, 1998 - Radio Australia/PACNEWS/Amy)---The Parliament of Nauru has passed a dramatically reduced annual budget.

The 1998-99 Reform Budget Bill was passed after MPs agreed that national expenditures could not exceed government revenues.

Nauru's President, Bernard Dowiyogo , said there is an urgent need for economic reform, brought about by falling revenue from the sale of phosphate and a decline in national savings.

The budget predicts a small surplus of about US$ 1 million, after a 60 percent spending cut.

Expenditures are budgeted at US$ 22 million dollars, a dramatic decrease from more than US$ 36 million last year. Total revenue is projected at US$ 23 million.

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