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Poverty Reduction Strategy Papers (PRSP)

Poverty Reduction Strategy Papers (PRSP)

Background of PRSP

Poverty Reduction Strategy Papers (PRSP) describe a country's macroeconomic, structural and social policies and programs to promote growth and reduce poverty, as well as associated external financing needs. PRSPs are prepared by governments through a participatory process that involves civil society and development partners, including the World Bank and the International Monetary Fund (IMF).

Poverty Reduction Strategy Papers provide the basis for World Bank and IMF assistance as well as debt relief under the HIPC (Heavily Indebted Poor Countries) initiative. PRSPs should be country-driven, comprehensive, partnership-oriented, and participatory. A country only needs to write a PRSP every three years; however, changes can be made to the content of a PRSP using an Annual Progress Report.

Profile of Burkina Faso's PRSP

After a comprehensive assessment analyzing the successes and failures during the ten years implementation of the PRSP, the authorities of Burkina Faso have recently focused their work on the third generation of policy reforms, vitally needed to accelerate economic growth and to reduce poverty. A participatory process, that has involved all the key stakeholders (central and local administration, civil society, donors and parliaments, etc.), has lead to the formulation of a new development policy called the Strategy for Accelerated Growth and Sustainable Development (SCADD). By March 2010, the Burkina Faso government formally presented this strategic policy to the donor community. The SCADD is ambitiously formulated and tries to achieve the country's Millennium Development Goals (MDG) targeting economic growth of 10 percent per annum to reduce poverty by 35 percent between 2011 and 2015. The SCADD consists of four strategic pillars:

  • Pillar 1 is focused on the key development pillars for accelerated growth.
  • Pillar 2 presents the policy framework for human capital development, including social protection promotion.
  • Pillar 3 seeks to reinforce the governance environment in the country.
  • Pillar 4 deals with cross-cutting priorities and themes manifested in the development policies and programs.

A new follow up framework has been designed to help assess the impact of the SCADD on growth acceleration and poverty reduction and measure the degree of implementation.

In that regard, the government has held a Consultative Group meeting with the support of the World Bank in February 2012 in Paris. This event has succeeded in mobilizing both traditional donors and private sector. The outcomes of the CG were the commitment of US$ 5.3 billion representing 96 percent of the total financial needs estimated at US$5.5 billion. The remaining 4 percent will be financed by donors who did not attend the CG meeting. Regarding the number and quality of the attendances from donors and private sector, this CG showed the come back to normalcy and the trust of donors in the aftermath of the 2011 social unrest.

 




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