Press release from the Ministry for Finance

The Ministry for Finance the Economy and Planning has issued a press release on the meeting held with the Head of State H. E. Obiang Nguema Mbasogo. We are publishing the full contents of the press release below.

Today 4th October 2019 H. E. the President of the Republic met state companies and the Ministry for Finance the Economy and Planning in order to give fresh instructions for a greater boosts to the entities; the aim is to generate a return on the significant investments made by the State over the last 10 years within the framework of the Horizonte 2020 plan which are managed and controlled by autonomous bodies and companies with a State holding.

The instructions from H. E. were along the lines that the country in general and the economy in particular are going through a period of economic recession based on the fall in the price of oil in 2014 and autonomous bodies and public companies can be more efficient effective and profitable.

The economic results of the country not only depend on the central Government but also on the management of the autonomous bodies and public companies. Thus the President of the Republic informed the companies that all of them will have to go through a process of structural adjustment for which quantitative and indicative targets will be set for the performance of the management of the companies. This restructuring will be carried out in coherence with negotiations by the Government of Equatorial Guinea with the International Monetary Fund in order to sign a programme with financing”.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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