[This material is no longer current. Updated data will be posted.]
Background: Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. This tiny country, composed of a mainland portion plus five inhabited islands, is one of the smallest on the African continent. President Teodoro OBIANG NGUEMA MBASOGO has ruled the country since 1979 when he seized power in a coup. Although nominally a constitutional democracy since 1991, the 1996 and 2002 presidential elections - as well as the 1999 and 2004 legislative elections - were widely seen as flawed. The president exerts almost total control over the political system and has discouraged political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. Despite the country's economic windfall from oil production resulting in a massive increase in government revenue in recent years, there have been few improvements in the population's living standards. (Source: CIA—The World Factbook)
Security Assistance Funding: (Source: 2009 Congressional Budget Justification for Foreign Operations)
($ in thousands)
|Account||FY 2007||FY2007||FY 2008||FY 2008||FY2009|
Direct Commercial Sales: (Source: 2007 Section 655 Report)
In FY 2007, the Department of State authorized no exports of defense articles or services to Equatorial Guinea.