Thursday, June 22, 2017

Equatorial Guinea Hosts IMF, Cites Significant Progress on Economic Reforms

The International Monetary Fund (IMF) cited significant progress on Equatorial Guinea’s economic reforms during a recent visit of an IMF staff team.

The IMF highlighted how macroeconomic policies and structural reforms in Equatorial Guinea have been especially productive.

The IMF also expressed support for the Equatorial Guinea plan to become a member of the Extractive Industries Transparency Initiative (EITI). The EITI is a global standard designed to promote open and accountable management of extractive resources in the oil, gas, and mining industries.

The government of Equatorial Guinea is focused on the sustainable development of the country with the Horizon 2020 plan, in line with the United Nations (UN) Millennium Development Goals.

Equatorial Guinea has directed efforts toward diversifying economic sectors away from oil toward agriculture, tourism, fishing, and financial services.

Despite the decline in the global price of oil, Equatorial Guinea has made significant strides over the last two decades to achieve international milestones in literacy, healthcare services, education, and infrastructure development.

Equatorial Guinea has invested heavily to further develop the country’s infrastructure, healthcare and wellbeing, transportation, and education.

The President of the Republic of Equatorial Guinea, Obiang Nguema Mbasogo, along with the Prime Minister, Francisco Pascual Obama Asue, the Minister of Finance, the Minister of Mines and Hydrocarbons, the Secretary of State for the Treasury, and representatives of the private sector, civil society, and diplomatic community, met with the IMF officials.