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.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.