The Balance of Payments Impact of the Food and Fuel Price Shocks on Low-Income African Countries: A Country-by-Country Assessment

This note discusses the implications of the price shocks for the balance of payments of low-income countries in sub-Saharan Africa.

Volume/Issue: Volume 2008 Issue 036

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Exports and Imports , Inflation , Economics- Macroeconomics , PP , price , food price , GDP , import , fuel price , price shock , oil price , distortionary price restraint , rice variety , price pressure , price assumption , reference price , price increase , petroleum products price , price spike , Food prices , Inflation , Oil prices , Fuel prices , Imports , Sub-Saharan Africa

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Summary

This note discusses the implications of the price shocks for the balance of payments of low-income countries in sub-Saharan Africa. The response by bilateral donors and multilateral institutions will, in practice, need to be country-specific. To this end, the note identifies a list of 18 countries in the region that are especially hard-hit and that consequently face a pressing need for additional balance of payments and budget support. The list reflects country circumstances and underlying assumptions as of May, and is subject to change; it is not meant to be definitive.