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International Monetary Fund. External Relations Dept.

domestic investment and productivity gains supported by sound economic policies in most countries. Although SSA governments “are spending more to reduce poverty and provide critical government services, financed in part by debt relief,” the REO, prepared by the IMF’s African Department, says it is too early to assess whether the higher growth has reduced poverty. At a press conference on April 13, African Department Director Abdoulaye Bio-Tchané said, “While overall growth has been strong, meeting the Millennium Development Goals [MDGs] still seems unlikely. To reduce

Mr. Calvin A McDonald, Mr. Volker Treichel, and Hans Weisfeld

improve the dialogue between the government and the business community, a strong commitment from the highest levels of government will be essential to ensure effective follow-up on the results of this dialogue, including the mobilization of adequate financial support for priority infrastructure projects and the effective implementation of measures to fight corruption. A new source of funding The good news is that some investors are showing more interest in debt instruments issued by SSA governments—especially in Botswana, Cameroon, Ghana, Kenya, Malawi, Nigeria

Delphine Prady and Mouhamadou Sy
This paper documents the additional spending that is required for sub-Saharan Africa (SSA) to achieve meaningful progress in SDGs by 2030. Benin and Rwanda are presented in detail through case studies. The main lessons are: i) average additional spending across SSA is significant, at 19 percent of GDP in 2030; ii) countries must prioritize their development objectives according to their capacity to deliver satisfactory outcomes, iii) financing strategies should articulate multiple sources given the scale of additional spending, and iv) strong national ownership of SDGs is key and should be reflected in long-term development plans and medium-term policy commitments.
John Loxley

seriously out of line with world prices expressed in terms of local currency at the prevailing rate of exchange” ( Kaldor (1983) , p. 36). A devaluation may also be justified if other attempts to raise export prices have led to large producer subsidies being granted from the budget of the government or parastatals. Thus the question to be faced by SSA governments experiencing overvalued real exchange rates is not whether to devalue but how ; they must decide by what amount and over what period adjustments will be made. These decisions will be very much influenced by

Anna Belianska, Nadja Bohme, Kailhao Cai, Yoro Diallo, Saanya Jain, Mr. Giovanni Melina, Ms. Pritha Mitra, Mr. Marcos Poplawski Ribeiro, and Solo Zerbo
Sub-Saharan Africa (SSA) is the region in the world most vulnerable to climate change despite its cumulatively emitting the least amount of greenhouse gases. Substantial financing is urgently needed across the economy—for governments, businesses, and households—to support climate change adaptation and mitigation, which are critical for advancing resilient and green economic development as well as meeting commitments under the Paris Agreement. Given the immensity of SSA’s other development needs, this financing must be in addition to existing commitments on development finance. There are many potential ways to raise financing to meet adaptation and mitigation needs, spanning from domestic revenue mobilization to various forms of international private financing. Against this backdrop, S SA policymakers and stakeholders are exploring sources of financing for climate action that countries may not have used substantially in the past. This Staff Climate Note presents some basic information on opportunities and challenges associated with these financing instruments.