YAREN (Nauru Government/Pacnews) — Nauru President David Adeang has revealed for the first time that when he was elected president three years ago, he received advice from the government’s finance department that the nation was in “serious trouble.”
“Revenue from [the Refugee Processing Center] had dropped, and RPC is maybe 70 or 80% of our economy and our budget,” he said.
The president said he and his cabinet knew that for Nauru — recently named by the United Nations as the most vulnerable country in the Pacific and the fifth most vulnerable in the world — options available to larger nations weren’t available to boost the economy.
“We knew we had to think outside the box, and to be innovative and bold,” Adeang said.
“This is why we recently passed legislation for crypto to add that to our economy, which is worthwhile. Nobody else in the Pacific is doing it.”
He also highlighted his negotiations with Australia that resulted in bringing Australia’s largest bank, the Commonwealth Bank, to Nauru.
“This is such a vital part of the economy, as we must have a reliable bank, and I encourage each individual to save as much as they can, just as the government saves money in the Nauru Trust Fund for future generations.”
He also spoke of many other projects the government is working on including the new solar farm which will save the nation money and reduce spending on diesel, and the completion of the new port which will boost shipping, cargo capacity and refueling of petrol, diesel and Jet-A1.
“Of course, once the port is completed, the workers can move on to other projects, specifically the stadium, which must be completed as quickly as possible ahead of the Micronesian Games.”
The president said the relationship with China is also bringing massive benefits to Nauru and that many new projects are in the pipeline.
He also provided an insight into recent talks with the United States ambassador, when discussions were held around benefiting Nauru’s economy.
“We spoke of the mining for deep-sea minerals, which, at its peak, will bring substantial financial benefits to Nauru once mining starts.”
He said there were so many other initiatives being undertaken by the government, from education and health to sports and “you might ask why we are doing all of these things while no one else is doing them.”
“Because again, we don’t have the options normally available to larger nations and therefore we must strengthen our economy by being innovative and smart. Furthermore, as the fifth most vulnerable country in the Pacific, we must work harder and smarter to secure our economic resilience and prosperity,” Adeang said.
“Our government’s priority is to create a prosperous future for all Nauruans, and I ask all of us to work together, stay the course and support what the government is doing.
“This will be to the benefit of all,” he added.
