Economic management (Cluster A) covers the quality of three closely related policy areas: monetary and exchange rate, fiscal, and debt. The CPIA score for the economic management cluster and the components of this cluster reflect the overall prudent stance of policies in Sub-Saharan African countries, the flexibility of policies to respond to shocks, and the appropriate use of policy buffers. The average regional score for cluster A decreased from 3.2 in 2017 to 3.1 in 2018, its lowest over the past decade, continuing a weakening trend that started in 2014 amid the collapse in commodity prices. The score for debt policy and management continued to trend downward. After falling by 0.2 point to 3.1 in 2017, it softened further in 2018, reflecting elevated debt vulnerabilities across the region’s IDA countries. The score for fiscal policy was low and decreasing, owing to inconsistent fiscal policies in several countries. The score for the monetary and exchange rate policy criterion has been broadly stable on an improving trend, with policies remaining relatively well calibrated.
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