December 27, 2019

World’s Longest-Serving Ruler Must Reveal His Assets for an IMF Bailout
(Bloomberg) -- Equatorial Guinean President Teodoro Obiang Nguema Mbasogo, the world’s longest-serving ruler, should declare his assets before the nation receives more financial support, according to the International Monetary Fund.The central African nation needs an IMF bailout to deal with a crisis that shrank its economy by a third to $13 billion last year. Under a program agreed to last week, the state will be required to increase transparency, improve governance and implement reforms to fight corruption, Lisandro Abrego, the lender’s mission chief for Equatorial Guinea, said in an interview.“Authorities will implement an asset-declaration regime for senior public officials as part of the program’s requirements,” he said by phone from Washington. “It’s our understanding that the law will apply to all senior government officials.”Obiang, in power since August 1979, and his regime have been accused by prosecutors in the U.S. and France of squandering the tiny Central African’s vast oil wealth. As recently as 2017, Equatorial Guinea was as rich in per-capita terms as its former colonial master Spain. Today, OPEC’s smallest member is struggling to pay its debts after oil prices collapsed in 2014. The government has piled up arrears with construction firms that equate to almost 19% of its gross domestic product, according to the World Bank.“The economy has been hit hard by the decline in oil and gas prices, which has affected export earnings and led to a virtual depletion of foreign assets,” Lisandro said. “The economy has also been affected by longstanding governance and corruption problems.”Audits by the government of state-owned oil and gas companies are already under way and should be completed by mid-2020, Lisandro said. All active oil and gas contracts are expected to be made public by March, he said.The IMF will also require Equatorial Guinea to join the Extractive Industries Transparency Initiative, which promotes good governance in the oil and mining industries. The country initially applied in 2008 and has since implemented several reforms to meet the membership requirements. Authorities filed a new application last month, Lisandro said.Calls and text messages to Finance Minister Cesar Mba Abogo seeking comment went unanswered. A Finance Ministry official didn’t reply to questions sent by text message.Money-Laundering CaseThe IMF last week gave the green light to a $280 million loan to Equatorial Guinea, $40 million of which has already been dispersed. The loan roughly equates to what Obiang’s oldest son and vice president, Teodoro Nguema Obiang Mangue, spent between 2000 and 2011 buying luxury properties on four continents and assets including Michael Jackson memorabilia, documents filed in a 2013 U.S. Department of Justice money-laundering case show. The case was settled the following year.The president’s son received a three-year suspended jail term and a $35 million fine from a French court in 2017 for spending tens of millions of dollars in public funds on a mansion, sports cars and jewelry. In September, Swiss authorities raised $27 million in an auction of exclusive cars they’d seized from him, including a limited-edition Lamborghini Veneno roadster that sold for $8.4 million. He’s denied any wrongdoing.Human-rights and anti-corruption advocates have questioned why the IMF is lending its credibility to “a regime with no previous record of serious reform,” Sarah Saadoun, a researcher with Human Rights Watch, said in an interview.“With no external pressure, besides the IMF, there’s a risk that the loan will fund the same lifestyle that the oil money has upheld for the past 40 years,” Saadoun said by phone from New York.(Updates with additional bailout requirements in seventh paragraph.)\--With assistance from Mike Cohen.To contact the reporters on this story: Katarina Hoije in Abidjan at khoije@bloomberg.net;Alonso Soto in Abuja at asoto54@bloomberg.netTo contact the editors responsible for this story: Gordon Bell at gbell16@bloomberg.net, Paul RichardsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
7 Questions with 'Wild Irish Thyme' Star Jamie Dornan
November 25, 2020
bqZLJEd8Gxs
Why 'Selena' star Christian Serratos Chose to Lip-Sync Selena's Songs
November 25, 2020
FNz_Pal3qeo
'Time' Director Garrett Bradley on Covering Incarceration, Why Black Family Archives Are Important
November 23, 2020
m7j3n7dPFOI
Donald Trump Hits Golf Ball in the Water And Screams, 'I Hate This F***ing Hole!!!' | TMZ
November 26, 2020
OR2kQEO5Fbk
Tracy Morgan Hands Out Turkeys to Long Line of New Yorkers | TMZ
November 24, 2020
BW7UB1bkvxI
Chris Hemsworth Working On Body, Chris Pratt Pokes Fun | TMZ TV
November 24, 2020
2giqjWteb4Y
Matt James: Fun Facts About New "Bachelor" Star | E! News
November 26, 2020
af0K5AImuRg
Shawn Mendes' Best Bits From "In Wonder" Documentary | E! News
November 26, 2020
N8DORRu86Gg
Cheerleading From Home, Piercing Problems & Scream Hotline - "Nightly Pop" 11/25/20 | E! News
November 26, 2020
Q_92CTPGcGc
Interim ‘Jeopardy!’ host Ken Jennings slammed for wheelchair tweet | Page Six Celebrity News
November 25, 2020
GF8JOA07ZpI
The one with the cast of 'Friends', then and now | Page Six Celebrity News
November 25, 2020
FLlqmbxCjnI
Bill Murray’s brother Ed, inspiration behind ‘Caddyshack,’ dies | Page Six Celebrity News
November 25, 2020
VEzPd5ot58g
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
27
Nov
ASIAN CHAMPIONS LEAGUE: Group Stage
Melbourne Victory - Beijing Guoan
25
Nov
ENGLAND: Championship
Swansea City - Sheffield Wednesday
25
Nov
ENGLAND: Championship
Middlesbrough - Derby County
25
Nov
ENGLAND: Championship
Bristol City - Watford
25
Nov
ENGLAND: Championship
Coventry - Cardiff City
25
Nov
ENGLAND: Championship
Millwall - Reading
24
Nov
ENGLAND: Championship
QPR - Rotherham
24
Nov
ENGLAND: Championship
Stoke City - Norwich City
24
Nov
ENGLAND: Championship
Bournemouth - Nottingham Forest
24
Nov
ENGLAND: Championship
Preston NE - Blackburn
24
Nov
ENGLAND: Championship
Luton - Birmingham
24
Nov
ENGLAND: Championship
Wycombe Wanderers - Huddersfield
24
Nov
ENGLAND: Championship
Barnsley - Brentford
23
Nov
ENGLAND: Premier League
Wolves - Southampton
23
Nov
SPAIN: La Liga
Athletic Bilbao - Real Betis
23
Nov
ENGLAND: Premier League
Burnley - Crystal Palace
22
Nov
ITALY: Serie A
Napoli - AC Milan
22
Nov
ENGLAND: Premier League
Liverpool - Leicester City
22
Nov
ENGLAND: Premier League
Leeds - Arsenal
22
Nov
ITALY: Serie A
Inter Milan - Torino
22
Nov
ITALY: Serie A
Roma - Parma
22
Nov
GERMANY: Bundesliga
Koln - Union Berlin
22
Nov
SPAIN: La Liga
Alaves - Valencia
22
Nov
ENGLAND: Premier League
Sheffield United - West Ham United
22
Nov
ITALY: Serie A
Udinese - Genoa
22
Nov
SPAIN: La Liga
Granada CF - Real Valladolid
22
Nov
ITALY: Serie A
Verona - Sassuolo
22
Nov
SPAIN: La Liga
Cadiz - Real Sociedad
22
Nov
ITALY: Serie A
Sampdoria - Bologna
22
Nov
GERMANY: Bundesliga
SC Freiburg - Mainz
22
Nov
SPAIN: La Liga
Eibar - Getafe
22
Nov
ENGLAND: Premier League
Fulham - Everton
22
Nov
ITALY: Serie A
Fiorentina - Benevento
21
Nov
SPAIN: La Liga
Atletico Madrid - Barcelona
21
Nov
ENGLAND: Premier League
Tottenham Hotspur - Manchester City
21
Nov
GERMANY: Bundesliga
Hertha Berlin - Borussia Dortmund
21
Nov
GERMANY: Bundesliga
Bayern Munich - Werder Bremen
21
Nov
ENGLAND: Premier League
Newcastle United - Chelsea
21
Nov
ENGLAND: Premier League
Manchester United - West Bromwich Albion
21
Nov
ITALY: Serie A
Juventus - Cagliari
21
Nov
SPAIN: La Liga
Villarreal - Real Madrid
21
Nov
GERMANY: Bundesliga
Eintracht Frankfurt - RB Leipzig
21
Nov
SPAIN: La Liga
Sevilla - Celta Vigo
21
Nov
ITALY: Serie A
Spezia - Atalanta
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ITALY: Serie A
Bologna - Napoli
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.