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, according to AFP.