03/05/2004: 
Nauru
Aid Package for Nauru, Relations With Iceland
from Radio Australia & Pacnews
The Australian government announced that it will provide $22.5 million (Aus) to Nauru over the next two years. According to foreign minister Alexander Downer the money will go towards stabilizing the small nation's economy and restoring law and order.
In other news, Pacnews reports that Nauru has established diplomatic relations with Iceland.
An announcement from Nauru's government says the purpose is to promote mutual
understanding.
The two states entered the agreement at the United Nations in New York. Although a world apart, they share a dependency on the sea and fishing.
Iceland has improved its economic growth through careful fisheries management. The fishing industry is of growing significance in Nauru...
