Cover -- Contents -- Abbreviations -- Acknowledgments -- In Brief -- 1. Sustaining Growth amid Global Uncertainty -- Introduction and Summary -- Macroeconomic Policy Choices in an Uncertain World -- 2. The Impact of Global Financial Stress on Sub-Saharan African Banking Financial Systems -- Introduction and Summary -- The Region's Banking System Experience in 2008-09 -- Financial Sector Vulnerabilities to Ongoing European Financial Stress -- Policies to Enhance Financial Sector Resiliency -- 3. Sub-Saharan Africa's Natural Resource Exporters: Recent Performance and Policy Challenges -- Introduction and Summary -- Key Features and Recent Experiences -- Macroeconomic Policy Management Issues -- Conclusions -- Statistical Appendix -- References -- Publications of the IMF African Department, 2009-12 -- Boxes -- 1.1. Sub-Saharan Africa: Country Groupings -- 1.2. Impact on WAEMU of the Recovery in Côte d'Ivoire and the Drought in the Sahel -- 1.3. East Africa: Persistence of the Food and Fuel Shock -- 1.4. Growth Dynamics in the SACU Region in the Aftermath of the Financial Crisis -- 1.5. Sub-Saharan Africa's Exposure through Trade to the Economic Slowdown in the Euro Area -- 2.1. Nigeria's Banking Crisis -- 2.2. Global Financial Spillovers into Sub-Saharan Africa-A GVAR Approach -- 2.3. Determinants of Financial Soundness Indicators-Bank-level Evidence -- 3.1. The Distribution of Nonrenewable Natural Resources in Sub-Saharan Africa -- 3.2. Global Commodity Price Movements -- 3.3. Structural Transformation among Sub-Saharan African Countries -- 3.4. Estimating Reserve Adequacy in Resource-Exporting Low-Income Countries -- Tables -- 1.1. Sub-Saharan Africa: Real GDP Growth -- 1.2. Sub-Saharan Africa: Other Macroeconomic Indicators -- 3.1. Resource-Intensive Countries: Selected Resource Indicators, 2010.

3.2. Sub-Saharan Africa: Optimal Level of Reserves in a Sample of Resource-Intensive Countries -- Figures -- 1.1. Sub-Saharan Africa: Real GDP Growth by Contry Group -- 1.2. Sub-Saharan Africa: Low Income Countries and Other World Regions: Real GDP Growth -- 1.3. Sub-Saharan Africa: Macroeconomic Indicators -- 1.4. Sub-Saharan Africa: Government Debt Ratios, 2000-11 -- 1.5. Sub-Saharan Africa: Capital Investment, 2000-11 -- 1.6. Sub-Saharan Africa Excluding South Africa: Credit to the Private Sector, 1995-2010 -- 1.7. Selected Regions: Average Labor Productivity Growth, 1990-2009 -- 1.8. Sub-Saharan Africa: CPI and Food Inflation, Average 2011 -- 1.9. Sub-Saharan Africa: Changes in CPI Inflation from 12 Months Earlier, End-2012 vs. End-2011 -- 1.10. Sub-Saharan Africa: Overall Fiscal Balance, 2004-12 -- 1.11. Sub-Saharan Africa Non-resource Exporting LICs: Total Revenue, Excluding Grants, 2000-12 -- 1.12. Sub-Saharan Africa: Total Exports Shares by Partner -- 1.13. Sub-Saharan Africa: External Current Account Balance, 2004-12 -- 1.14. Sub-Saharan Africa: Headcount Poverty Index Using the 1.25 a Day Poverty Line -- 1.15. Sub-Saharan Africa: Growth Prospects, 2012 and 2013 -- 2.1. Global Risk Aversion, 2005-12 -- 2.2. Sub-Saharan Africa: Bond Flows, 2008-12 -- 2.3. Sub-Saharan Africa: Equity Flows, 2008-11 -- 2.4. Sub-Saharan Africa, Select Countries: Portfolio and Foreign Direct Investment, June 2011 -- 2.5. Sub-Saharan Africa, Select Countries: Inward Portfolio and Foreign Direct Investment, 2010 -- 2.6. Select Countries: Exchange Rate Flexibility and Stock Market Sensitivity to Changes in Global Risk Aversion -- 2.7. Sub-Saharan Africa: Capital Flows and External Debt, 2005-10 -- 2.8. Sub-Saharan Africa: Systemic Banking Crises, 1980-2010 -- 2.9. Sub-Saharan Africa: Banks' Foreign Assets and Liabilities, 2005-10.

2.10. Sub-Saharan Africa: Real Domestic Bank Credit, 2004-11:Q2 -- 2.11. Sub-Saharan Africa, Selected Countries: Real Credit Developments, 2005-11 -- 2.12. Sub-Saharan Africa: Financial Soundess Indicators, 2006-10 -- 2.13. Sub-Saharan Africa: Presence of European Banks, 2011 -- 2.14 Sub-Saharan Africa: Liabilities to BIS-Reporting Banks, June 2011 -- 2.15 Credit Default Swap Spreads, 2009-12 -- 2.16 Sub-Saharan Africa: Bank Credit to Sub-Saharan African Residents -- 2.17 Sub-Saharan Africa: Prevalence of Capital Inflow and Outflow Controls, June 2011 -- 2.18 Sub-Saharan Africa: Banking System Funding, June 2011 -- 2.19 Consolidated Foreign Claims of BIS-reporting Banks on African Countries, 2011 -- 2.20 Sub-Saharan Africa: Broad Financial Intermediation in the Average Sub-Saharan Africa Country, June 2011 -- 2.21 Sub-Saharan Africa: External Loans from and Deposits at BIS-reporting Banks, June 2011 -- 2.22 Sub-Saharan Africa: Ease of Getting Credit (Rank) and Strength of Legal Rights -- 2.23 Sub-Saharan Africa: Selected Pan-African Banking Groups, June 2011 -- 2.24 World: Observance of Basel Core Principles, 2011 -- 3.1 Sub-Saharan Africa: Major Nonrenewable Exports -- 3.2 Resource-Intensive Sub-Saharan Africa Countries: Real Resource and Nonresource GDP Growth -- 3.3 Sub-Saharan Africa: Resource Price Index and Real Effective Exchange Rate, 2000-11 -- 3.4 Sub-Saharan Africa: Total Nonresource Exports, 2001-11 -- 3.5 Sub-Saharan Africa: Fiscal Revenues and Expenditures, 2000-11 -- 3.6 Sub-Saharan Africa: Volatility Indicators, 2000-10 -- 3.7 Sub-Saharan Africa: GDP Minus GNI Per Capita, Selected Years -- 3.8 Sub-Saharan Africa: Selected Development Indicators, 2010 -- 3.9 Sub-Saharan Africa: Selected Development Indicators, 2005-10 -- 3.10 Sub-Saharan Africa: Social Indicators and Resource Abundance, 2000-09.

3.11 Sub-Saharan Africa: Resource Dependence and Institutional Quality -- 3.12 Sub-Saharan Africa: Recent Changes in the Quality of Institutions -- 3.13 Sub-Saharan Africa Fiscally Dependent Countries: Resource Revenue and Nonresource Fiscal Deficit -- 3.14 Selected Countries: Fiscal Benchmarks Using Spring 2012 World Economic Outlook Resource Price Projections.