The Republic of Nauru is implementing a Debt Action Plan to resolve legacy debt liabilities and meet repayment obligations in a timely way.
In 2020-21, legacy external debt obligations related to the issue of Yen Bearer Bonds in the 1980s were resolved, and payments made as part of the Bank of Nauru liquidation. Principal and interest payments were made towards an EXIM Bank loan related to the purchase of equipment for Ronphos.
In 2021-22 Nauru will continue to implement the Debt Action Plan and make payments related to the Bank of Nauru liquidation, as well as principal and interest payments related to two EXIM Bank loans – one related to Ronphos equipment, and the other related to the Aircraft Replacement Program.
Nauru’s total debt liabilities are estimated at 36 per cent of GDP.
Annual Debt Reports
Bank of Nauru
The Bank of Nauru (BON) went into liquidation in the mid-2000s, with the Deloitte report to the District Court in 2014 providing the source of truth for outstanding BON account balances and obligations.
From time to time, the Government takes the opportunity to make payments to BON individual creditors, when it has fiscal capacity to do so. These are considered ex gratia payments at the discretion of the Government.
Secretary for Finance
Department of Finance