Contents |
Abbreviations |
Acknowledgements |
In Brief |
1. Building Momentum in a Multi-Speed World |
|
Introduction and Summary |
|
Robust Performance and Strong Outlook |
|
Risk Scenario Analysis |
|
Policy Issues and Recommendations |
|
Concluding Remarks |
2. Strengthening Fiscal Policy Space |
|
Introduction and Summary |
|
The Level of Public Debt as a Constraint on Financing Deficits |
|
Availability of Financing as a Constraint on Avoiding Procyclicality |
|
Strengthening Fiscal Positions Over the Medium-Term—To What End? |
3. Issuing International Sovereign Bonds: Opportunities and Challenges for Sub-Saharan Africa |
|
Introduction and Summary |
|
Experience with Sovereign Bond Issues in Sub-Saharan Africa |
|
Sub-Saharan Africa’s Candidates for Debut Sovereign Bonds |
|
Concluding Remarks |
4. Reforming Energy Subsidies |
|
Introduction |
|
Energy Subsidies in Sub-Saharan Africa: Costly, Poorly Targeted, and Inefficient |
|
Challenges to Energy Subsidy Reform |
|
Elements of a Successful Reform Strategy |
Statistical Appendix |
References |
Publications of the IMF African Department, 2009–13 |
|
Boxes |
1.1 |
Revisions to National Accounts Estimates among Sub-Saharan African Countries |
1.2 |
Changing Monetary Policy Frameworks in East Africa |
1.3 |
Debt Trends in Selected Sub-Saharan African Countries |
1.4 |
The Financing of Current Account Deficits in Low-Income Countries |
1.5 |
The Sectoral Distribution of Employment in Sub-Saharan Africa |
2.1 |
Public Debt Sustainability Threshold |
2.2 |
Do Vulnerable Low-Income Countries Have Fiscal Policy Space? |
3.1 |
Sub-Saharan Africa: Local Currency Bond Markets |
3.2 |
Zambia: Accessing International Sovereign Bond Markets |
3.4 |
Nigeria: Issuing a Sovereign Bond |
4.1 |
Energy Reforms Payoff in Kenya and Uganda |
4.2 |
Mitigating Measures to Protect the Poor |
|
Tables |
1.1 |
Sub-Saharan Africa: Real GDP Growth |
1.2 |
Sub-Saharan Africa: Other Macroeconomic Indicators |
3.1 |
Sub-Saharan Africa: Sovereign Bond Issuances |
3.2 |
Sub-Saharan Africa: Sovereign Credit Ratings, March 2013 |
3.3 |
Sub-Saharan Africa: Maximum Amortization in 2013–17 Exceeding 500 million U.S. dollars |
3.4 |
Comparison of Financing Sources |
|
Figures |
1.1 |
Sub-Saharan Africa: Food and Nonfood Inflation |
1.2 |
Sub-Saharan Africa: Overall Fiscal Balance, 2007–14 |
1.3 |
Sub-Saharan Africa: General Government Debt, 2007–14 |
1.4 |
Sub-Saharan Africa: External Current Account Balance, 2004–14 |
1.5 |
Sub-Saharan Africa: Exports and Imports by Regional Groups |
1.6 |
Sub-Saharan Africa: Stock Market Indices |
1.7 |
Sub-Saharan Africa: Reserve Coverage and Current Account Balance |
1.8 |
Selected Regions: Real GDP Growth, 2008–14 |
1.9 |
Selected Regions: Inflation, 2008–14 |
1.10 |
Sub-Saharan Africa: Growth Prospects, 2013 and 2014 |
1.11 |
Sub-Saharan Africa: Downside Scenarios |
2.1 |
Sub-Saharan Africa: Density of Public Sector Debt, 2000–12 |
2.2 |
Sub-Saharan Africa: Total Public Debt Accumulation Decomposition, 2000–12 |
2.3 |
Sub-Saharan Africa: Change in Public Sector Debt, 2007–12 |
2.4 |
Sub-Saharan Africa: Public Sector Debt in 2012 and Sustainability Thresholds |
2.5 |
Sub-Saharan Africa: Density of Public Sector Debt, 2012–17 |
2.6 |
Sub-Saharan Africa: Public Sector Debt in 2012, 2017, and Sustainability Thresholds |
2.7 |
Sub-Saharan Africa: Composition of Government Deficit Financing, 2007–12 |
2.8 |
Sub-Saharan Africa: Composition of Government Deficit Financing, 2008–12 |
2.9 |
Sub-Saharan Africa: External Budget Support, 2007–12 |
2.10 |
Sub-Saharan Africa: Composition of Credit, end-2012 or the Most Recent Year Available |
2.11 |
Sub-Saharan Africa: Changes in Government Deposits, 2000–12 |
2.12 |
Sub-Saharan Africa: Government Deposits in Banking System and Foreign Reserves, end-2012 or the Most Recent Year Available |
3.1 |
Sub-Saharan Africa: Recent Sovereign Bond Issuances |
3.2 |
Sub-Saharan Africa: Sovereign Debt Restructurings with Private Creditors, 1980–2010 |
3.3 |
Sub-Saharan Africa: Primary Fiscal Balance, Expenditure, and Public Debt-Cases Other than Debt Restructuring |
3.4 |
Sub-Saharan Africa: Primary Fiscal Balance, Expenditure, and Public Debt-Cases InvolvingDebt Restructuring |
3.5 |
Sub-Saharan Africa: Share of Public Debt Denominated in Foreign Currency |
3.6 |
Sub-Saharan Africa: Public Investment after Bond Issuance |
3.7 |
Sub-Saharan Africa: Sovereign Bond Issuance Terms |
3.8 |
Sub-Saharan Africa: Market Performance for Selected Countries |
3.9 |
Sub-Saharan Africa: Sovereign Bond Ratings, 2012 |
3.10 |
Sub-Saharan Africa: Total Public External Debt by Creditor, 2011 |
4.1 |
Selected Regions: Electricity Production, 1975–2009 |