Cover -- Contents -- Abbreviations -- Acknowledgments -- 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 -- 3.3. Nigeria: Issuing a Sovereign Bond -- 3.4. Côte d'Ivoire: Bond Issuance for Debt Restructuring -- 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 Involving Debt 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.