Poverty Reduction Strategy Papers are prepared by the countries through a participatory process involving domestic stakeholders as well as external development partners, including the World Bank and International Monetary Fund. Updated every three years with annual progress reports, PRSPs describe the country's macroeconomic, structural and social policies and programmes over a three-year or longer horizon to promote broad-based growth and reduce poverty, as well as associated external financing needs and major sources of financing.

a pre-requisite for all new World Bank (WB) and IMF loans and all future pledges of bilateral development assistance

Poverty Reduction Strategy Papers. 1999 IMF and World Bank initiative, PRSPs are intended to provide a comprehensive country-based strategy for poverty reduction. The PRSP was introduced partly in response to criticism about structural adjustment policies. Aid & Development

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