Nauru applies for IMF membership

The tiny Pacific island nation of Nauru has officially lodged anapplication for entry to the International Monetary Fund, the global financial bodysaid Friday.The Micronesian island of around 9,500 people would become the 189th memberstate 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 ofGovernors, the highest authority of the institution, which has one representative permember state."The application for admission to IMF membership from the Republic of Nauru willbe considered in due course," the IMF said in a statement.South Sudan, which declared its independence in 2011, is the last country admittedto the IMF, in April 2012.