For years, Nauru, a small Pacific island nation (population 10,000), benefited from the considerable wealth generated from its only major natural resource, phosphate. However, when that resource was almost exhausted and national assets held under the Nauru Phosphate Royalties Trust had been reduced to relatively minor holdings, the Government of Nauru sought and received assistance from the Asian Development Bank and the Australian Agency for International Development (AusAID) to prepare a...
