World’s Longest-Serving Ruler Must Reveal His Assets for an IMF Bailout
- Equatorial Guinea needs bailout to stave off debt crisis
- Ruler’s family must also declare their wealth under new law
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Equatorial Guinea’s leader Teodoro Obiang Nguema Mbasogo, the world’s longest-serving president, should declare his assets before the nation receives more financial support, according to the International Monetary Fund.
The central African country 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.