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Reuters
Reuters
Business

Pandemic and explosions worsen Equatorial Guinea prospects, IMF says

Equatorial Guinea Pandemic Oil International Monetary Fund Economy
FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

Equatorial Guinea's ailing economy has been dented by the pandemic and a series of deadly dynamite explosions in 2021 despite government efforts to mitigate the impact of these shocks on the oil-producing nation, the International Monetary Fund (IMF) said on Friday.

The former Spanish colony on the west coast of central Africa suffered a double economic shock in 2020 due to the coronavirus outbreak and a drop in the price of crude, which provides around three-quarters of state revenue.

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