While offshore oil fields generate hundreds of millions of dollars for Equatorial Guinea, most of the population continues to live on about $1 a day. A recent report by the Los Angeles Times indicates that President Obiang maintains sole control over the $300-500 million of the country’s oil revenues in a US account which allegedly funds his private real estate ventures. The IMF and the WB will withhold assistance from the country until Obiang accounts for the use of oil revenues and transfers them to the treasury.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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