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
World Bank have both said they will withhold assistance from the country until Obiang accounts for the use of oil revenues and transfers them to the treasury...
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