Improving Governance in Africa

Macroeconomic environment remains relatively stable Low commodity prices depressed revenues, contributing to the widening of both fiscal and current accounts Current Account Balance (% GDP) 2013 2014 2015 2 Fiscal and monetary policies have proven prudent, keeping inflation generally stable aided by low fuel prices in importing countries 0 -2 Inflation (%) Fiscal Balance excluding grants (% GDP) -4 2013 2014 2015 -6 10 0 -8 8 -2 -10 -Oil-Exporting -Oil-Importing Africa 6 -4 -6 4 -8 -10 2 Oil-Exporting -Oil-Importing Africa The strengthening of the US dollar also put additional pressure on the exchange rate of a number of countries Oil-Exporting 0 2013 -Oil-Importing Africa 2014 2015 46

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