Government reform cited as hopeful sign

MELBOURNE, Australia (Radio Australia, Feb. 23, 2008) – The Asian Development Bank says the outlook for Nauru's economy is positive.

According to the latest ADB Country Economic Report on the Pacific island nation, Nauru's "economic health is optimistic as Government reforms begin to take hold".

The ADB says poor management of the country's offshore assets and public expenditure have led to the dramatic decline of its economic position.

However, the ABD believes the Government's reform efforts are yielding signs of success, with state-owned enterprises and utilities being improved.

Nauru has been also removed from the Financial Action Task Force on Money laundering blacklist, an essential requirement for the re-establishment of a finance industry.

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