Nauru applies for IMF membership.

The tiny Pacific island nation of Nauru has officially lodged an application for entry to the International Monetary Fund, the global financial body said Friday.

The Micronesian island of around 9,500 people would become the 189th member state of the IMF if its application is successful.

The application must first be endorsed by 24 IMF executive board members.

The application must then be submitted for approval by the Fund's Board of Governors, the highest authority of the institution, which has one representative per member state.

"The application for admission to IMF membership from the Republic of Nauru will be considered in due course," the IMF said in a statement.

South Sudan, which declared its independence in 2011, is the last country admitted to the IMF, in April 2012.


Culled from Yahoo Finance UK.