Poverty Reduction Strategy Paper (PRSP)

Poverty Reduction Strategy Paper (PRSP)

Introduction

The World Bank and International Monetary Fund (IMF) commenced the notion of Poverty Reduction Strategy Paper (PRSP) in the after summer of 1999. It presents a structure that integrates nationally belongs to scarcity decrease schemes in low-income countries.

These schemes are anticipated to be

Country-driven.

Results-oriented.

Comprehensive.

Have a long-term perspective.

Should foster household and external partnerships.

The PRSP was primarily directed to connection the liability decrease of Heavily Indebted Poor Countries (HIPC), with a country-defined scarcity decrease strategy.

 

Principles

The values at the origin of PRSP are as follows:

Ownership:

Poverty decrease schemes should be country-driven, with a broad-based participation of municipal humanity and personal part at all stages. The recipient government should be premier the program and should be held to blame for accounting the process.

 

Result-orientation

This is founded on in-depth investigation of poverty; the schemes should recognise the yearned conclusions and the ways to come to them. They should be converted into method and conclusion Indicators.

 

Comprehensiveness and long-term perspective

All the principles and Analysis should take account of the multidimensional environment of scarcity and long timeframes essential to decrease poverty.

 

Prioritization

Priorities should be selected in alignment to conceive feasible principles and to amply finance them.

 

Partnership

The method is to be founded on dialogue and joint project between the government and municipal humanity as well as the donor community applying good donor coordination. This permits decreased transaction charges and more effective aid.

The method advances by an primary in-depth and comprehensive investigation of the country's scarcity and its determinants. This assists in conceiving a prioritized blend of schemes that have the largest influence on scarcity decrease that can be followed through key conclusion indicators.

The PRSP should be arranged every three years, with normal supervising and describing on advancement and annual updating of the strategies. The approach begins with conceiving an Interim PRSP (I-PRSP). I-PRSP is ...