Cover -- Contents -- Preface -- Abbreviations -- Main Messages -- 1. Sub-Saharan Africa: Weathering the Storm -- Introduction and Summary -- The Great Recession and Sub-Saharan Africa -- Cyclical Recoveries in Sub-Saharan Africa -- Outlook -- What Next for Policies? -- 2. Fiscal Policy and Economic Performance in Sub-Saharan Africa: Effectiveness, Challenges, and Prospects -- Introduction and Main Messages -- Fiscal Policy and Economic Performance in Sub-Saharan Africa -- Fiscal Policy as a Stabilization Tool -- Fiscal Policy and Debt Sustainability -- Fiscal Policy for Growth -- Statistical Appendix -- References -- Publications of the IMF African Department, 2009 -- Boxes -- 1.1. Sub-Saharan Africa: The Fiscal Policy Response to the Crisis -- 1.2. The Slowdown and Recovery in Africa: The Role of Spillover Effects -- 2.1. Debt Sustainability Analysis -- 2.2. Coping with Commodity Price Fluctuations in Sub-Saharan Africa: The Role of Fiscal Institutions -- 2.3. The Impact of the Crisis on Debt Sustainability in Sub-Saharan African Countries -- Tables -- 1.1. Sub-Saharan Africa: Selected Indicators, 2005-10 -- 1.2. Sub-Saharan Africa: Changes in Key Indicators, Average 2004-08 and 2009 Projections -- 2.1. Sub-Saharan Africa: Percentage of Countries Satisfying Various Stability Criteria -- 2.2. Range of Fiscal Multipliers -- 2.3. Fiscal Procyclicality in Sub-Saharan Africa, 1980-2008: Groups and Spending Categories -- 2.4. Changes in Fiscal Procyclicality by Decade, 1980-2008 -- 2.5. Risk of Debt Distress by Country Grouping -- 2.6. Annual Spending Needs on Infrastucture in Sub-Saharan Africa -- Figures -- 1.1. Sub-Saharan Africa: Key External Developments -- 1.2. Sub-Saharan Africa: Oil-Exporting Countries: Revenues, Expenditures, and Fiscal Balance -- 1.3. Sub-Saharan Africa: Selected Foreign Inflows.

1.4. Low-Income Countries and Fragile States: Revisions to Fiscal Balance Projections, 2009 -- 1.5. Sub-Saharan Africa: Past and Current Economic Cycles -- 1.6. Sub-Saharan Africa Country Groupings: Past Economic Cycles -- 1.7. Sub-Saharan Africa: Past Economic Cycles and Latest Projections -- 1.8. Sub-Saharan Africa: Contributions to Real GDP Growth, 2000-11 -- 1.9. Sub-Saharan Africa: Projected GDP Growth, 2008-11 -- 1.10. Sub-Saharan Africa: Macroeconomic and Political Environment, 1970-2009 -- 1.11. Sub-Saharan Africa: Exports by Destination -- 1.12. Sub-Saharan Africa: Growth Prospects, 2000-11 -- 1.13. Sub-Saharan Africa: Policy Responses, 2009 -- 1.14. Sub-Saharan Africa: Past Economic Cycles and Latest Projections -- 1.15. Sub-Saharan Africa: Output Gap and Change in Fiscal Balance Excluding Grants, 2005-07 and 2009 Projections -- 1.16. Sub-Saharan Africa: Bilateral Exchange Rate in Selected Countries, September 2008-August 2009 -- 2.1. Sub-Saharan Africa: Fiscal Indicators -- 2.2. Sub-Saharan Africa: Public Sector Debt -- 2.3. Sub-Saharan Africa: Fiscal Balance Deterioration, 2009 vs. 2008 -- 2.4. Amplitude and Correlation, Central Government Total Spending, 1980-2008 -- 2.5. Evolution of Debt in Sub-Saharan Africa -- 2.6. NPV of Debt after HIPC Initiative, Additional Bilateral Debt Relief, and MDRI in 28 Sub-Saharan Africa HIPCs -- 2.7. Sub-Saharan Africa: Central Government Balance and Public Expenditure and Financial Accountability Assessment Score -- 2.8. Sub-Saharan Africa: Public Expenditure and Financial Accountability Assessment Score by Risk of Debt Distress -- 2.9. Sub-Saharan Africa: Capital Expenditure and Growth -- 2.10. Meta-Analysis of Fiscal Outcomes -- 2.11. Health and Education Indicators, 2001-07 -- 2.12. Sub-Saharan Africa: Infrastructure Indicators Relative to Low- and Middle-Income Country Averages, 2001-07.

2.13. Public Sector Efficiency, 1996-2002 -- 2.14. Sub-Saharan Africa: Governance Indicators -- 2.15. Sub-Saharan Africa: Governance and Human Capital Outcomes.