The International Monetary Fund said Wednesday the plunge in oil prices will force significant fiscal adjustments on Africa's oil exporters.

The IMF said the 70 percent fall in crude prices over the past 18 months has been a "formidable shock" to sub-Saharan African oil exporters like Nigeria and Angola, given their heavy reliance on oil receipts in state revenues.

"While most oil producers have low levels of debt and adequate levels of reserves, the massive oil price decline makes ..