IMF [to 30 January 2016]
http://www.imf.org/external/news/default.aspx

January 29, 2016
Press Release: Conference on Small Middle-Income Countries in Sub-Saharan Africa: Joint Statement by Deputy Managing Director Min Zhu and Governor Linah Mohohlo of the Bank of Botswana

… “We had a very productive set of discussions on the economic outlook and policy challenges facing small middle-income countries (SMICs) in sub-Saharan Africa. This group of countries has made significant progress in terms of maintaining macroeconomic stability and sustaining high growth over the past two decades. However, a number of challenges have recently emerged and, beyond the importance of maintaining their hard earned gains in terms of economic stability, there is scope to rethink their growth strategies and move forward with bold complementary reforms that could facilitate their transition to high-income status.

“For countries that depend heavily on commodity exports, the near-term environment has deteriorated as both global demand and prices have declined. And while some countries have previously built savings that can help them cushion the slowdown, other countries have seen their fiscal positions deteriorate rapidly at a time when external financing conditions have tightened. Notably, the slowdown of the South African economy could also adversely affect the countries in the region…