During the 1990s, in conjunction with Spain, Equatorial Guinea focused on education, health, administrative reform, and economic infrastructures with little success. According to a 1996 International Monetary Fund (IMF) report, the production base of Equatorial Guinea was extremely small, the level of human capital very weak, and the country had no basic infrastructure. Mismanagement and corruption were widespread in public administration. US oil companies have invested in development of the country's infrastructure.
New oil and gas exploration and development of existing fields resulted in rapid growth in energy exports in the early 2000s. The government has sold some state-owned enterprises, and has attempted to establish a more favorable investment climate. As of 2003, there had been no formal agreements or arrangements with the IMF since 1996.