Article
World Bank concern over Chad oil revenues
The World Bank has expressed serious concern about the use being made by the government of Chad of oil revenues from a big pipeline project assisted by the bank. Chad is an important test case for the World Bank in encouraging oil and mineral-rich African countries to improve transparency and tackle corruption...It has established a legal framework to earmark oil revenues for poverty reduction programmes...[An] oversight committee...“...report cites incidents of irregularities in transfers of funds; poor quality of, and long delays in the delivery of goods and services; and lack of competitive bidding processes, and cases of over-pricing of goods and services,” the bank said...Chad and [Rep. of] Congo, along with Africa's four leading oil producers Nigeria, Angola, Equatorial Guinea and Gabon have a poor track record in transparent government spending.