The World Bank and International Monetary Fund have both revised down their estimates of economic growth for sub-Saharan Africa, as low prices for oil and other major export commodities bite.
The World Bank forecast that the region's growth will slow from 4.5% in 2014 to 4.0% in 2015, while the IMF trimmed its outlook from 5.8% to 4.9%.
Falling oil prices and weakened currencies have created challenging fiscal conditions for several African exporters.
"Some actually benefit and some suffer as a result of the dollar appreciation--they benefit because you get dollar pricing for the oil that you export and it sometimes compensates a little bit for the decline in oil prices," IMF managing director Christine Lagarde told a press conference at the fund's spring meetings.
"Quite a few sovereigns and more so corporates have actually borrowed in dollar-denominated loans, which is creating a difficulty there. They have to keep a tight ship and try to really be very cautious with their public spending."
"Despite strong headwinds and new challenges, sub-Saharan Africa is still experiencing growth. And with challenges come opportunities," Makhtar Diop, the World Bank's vice president for Africa...