No IMF report
No IMF reportMarch 29, 2013
The International Monetary Fund should publicly state the reason(s) for non-publication of Equatorial Guinea’s Article IV report.
To: IMF Civil Society Team
From: EG Justice
by Tutu Alicante, Executive Director
P.O. Box 57297
Washington, DC 20037
United States of America
+1 (202) 643 4345
Re: IMF Transparency Policy
In response to the call for comments on IMF’s Transparency Policy, EG Justice, an advocacy organization that promotes human rights, the rule of law, transparency, and civic participation in Equatorial Guinea, submits the following suggestion:
The IMF should publicly state the reason(s) for non-publication of a country’s Article IV report.
Equatorial Guinea, the third largest oil-producing nation in sub-Saharan Africa, is a classic example of the “resource curse;” its citizens live in poverty despite living in a resource-rich country. One of the reasons for this paradox is the secrecy surrounding the country’s revenues from oil, natural gas, timber, and other natural resources. State-sponsored attempts at increased transparency in Equatorial Guinea have not gone beyond lip service. In 2010, the country was expelled from the Extractive Industries Transparency Initiative.
IMF reporting is an avenue through which the citizens hope to receive sorely lacking financial data about Equatorial Guinea’s economy. This is why the government’s preventing the publication of the 2011 Article IV data is disconcerting. By allowing Equatorial Guinea to avoid publication without any public statement or explanation, IMF tacitly supports a culture of secrecy.
EG Justice urges the IMF to publish all Article IV reports on Equatorial Guinea; or, at a minimum, give a public explanation of any and all reasons why it permitted a country to avoid publication of this important report. This action will increase transparency efforts, a common goal shared by both the IMF and EG Justice. Thank you for the opportunity to comment, and for your consideration of our request.