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IMF lays down Equatorial Guinea bailout conditions

Publish date: 13 January 2020
Issue Number: 855
Diary: IBA Legalbrief Africa
Category: Economy

Equatorial Guinean President Teodoro Obiang Nguema Mbasogo, the world’s longest-serving ruler, should declare his assets before the nation receives more financial support. That’s the view of the IMF which believes the country needs a bailout to deal with a crisis that shrank its economy by a third to $13bn in 2018. Under a programme agreed to late last month, the state will be required to increase transparency, improve governance and implement reforms to fight corruption. ‘Authorities will implement an asset declaration regime for senior public officials as part of the programme’s requirements,’ said Lisandro Abrego, the lender’s mission chief for Equatorial Guinea. ‘It’s our understanding that the law will apply to all senior government officials.’ A BusinessLIVE report notes that Obiang and his regime have been accused by prosecutors in the US and France of squandering the tiny nation’s vast oil wealth.

Full BusinessLIVE report (subscription needed)