Africa Monitor

Africa Monitor Intelligence

Equatorial Guinea: Chinese Credits to Compensate IMF Distrust

The government of China donated USD 15 million to Equatorial Guinea to finance Chinese projects in the country, some of which were suspended due to lack of funds, reinforcing the role of Malabo's external relations and exploiting the gradual loss of importance of the USA and Spain.

This donation comes at a time when the International Monetary Fund (IMF), which recently agreed to disburse USD 67 million (AM 1318) as an “emergency fund”, persists in suspending the disbursement of USD 282 million, under the Extended Financing Program (EFF) agreed in 2019. The main reason is the lack of advances in legislation and implementation of anti-corruption measures. READ MORE