NAURU SIGNS LOAN AGREEMENT WITH ASIAN DEVELOPMENT BANK

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YAREN, Nauru (January 19, 1999 - PACNEWS/NauruTV)---Nauru will carry out a major national economic and structural adjustment program with funds from the Asian Development Bank (ADB).

The government signed a loan agreement with the ADB, after the Bank mapped out a detailed adjustment plan following its review of Nauru's economy.

The program takes into account the expected exhaustion of the island's phosphate reserves within the next eight to 12 years, according to the government.

Key points in the program include plans for domestic revenue generation from selected taxes and customs duties and budget control measures accompanied by reforms in public financial management.

The government says it also foresees a strengthening of essential banking services as well as improvements to public enterprises.

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