The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Daudi Ballali, Pierre Dhonte, G. Terrier, and Stéphane Cossé
INTERNATIONAL MONETARY FUND
This paper highlights selected recent developments in the economies of sub-Saharan Africa. It notes that the outlook for commodity prices has improved, and with it the outlook for economic activity beyond 1994; it also notes, however, the need for higher savings and investment to sustain growth over the medium term. The paper also covers two aspects of structural adjustment: the liberalization of exchange and trade systems, which has been extensive and has resulted in a sharp reduction in exchange market distortions; and the momentum of regional integration in the CFA countries and in the Southern Africa region.