ADB signs 5 mln USD grant to help Nauru improve fiscal sustainability

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MANILA, June 6 (Xinhua) -- The Asian Development Bank (ADB) and Nauru have signed a 5 million U.S. dollars policy-based grant agreement to help Nauru introduce a gender-responsive fiscal sustainability approach, the ADB said Thursday.

The program, comprising two subprograms, is proposed to be financed through two policy-based grants that are 5 million dollars each from the Asian Development Fund (ADF), according to a news release from the Manila-based bank.

The ADF provides grants to ADB's poorest and most vulnerable members and is replenished every four years by ADF's donors.

"By reducing debt, improving debt management practices, raising revenue, supporting better operating SOEs (state-owned enterprises), and helping Nauru's most vulnerable people in a more balanced manner, the program will provide a platform for sustainable and inclusive growth," said ADB Director General of the Pacific Department Leah Gutierrez.

The program builds on previous ADB policy-based operations and public sector management engagements in Nauru, while supporting ADB's 2030 Strategy of strengthening governance and institutional capacity. Enditem

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