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Poverty Reduction Strategy Papers (PRSP)

Poverty Reduction Strategy Papers (PRSP)

Background

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. For more information on Poverty Reduction Strategy Papers, please refer to the World Bank Povertynet website.

Status of the PRSP for the Republic of Congo

The government of the Republic of Congo released its Interim Poverty Reduction Strategy (I-PRSP) in 2003 with medium term development objectives to (i) consolidate peace and good governance, (ii) consolidate macroeconomic stability and recovery of key productive sectors, (iii) improve access to the basic health social services and social protection, (iv) develop basic infrastructure, and (v) strengthen the fight against HIV/AIDS.

The government finalized the first full PRSP draft in February 2007 and submitted it to donors, including the World Bank, for a technical review and comments. The draft PRSP was based on: (i) an improved poverty diagnosis based on 2005 household surveys and (ii) participatory and inclusive community consultations which were completed in 2006. After an extensive consultation process, Congo’s first full PRSP was adopted in April 2008. The PRSP has five pillars: (i)improving governance and consolidating peace and security; (ii) promoting growth and macroeconomic stability; (iii) enhancing access to basic social services; (iv) improving the social environment and integration of vulnerable groups; and (v) combating HIV/AIDS.

A second generation Poverty Reduction Strategy Paper (PRSP) is being prepared. Implementation of the current PRSP remained steadfast despite the global financial crisis. Aware of the transformational effect that proper policy and investment choices could have, the Government has set an objective of becoming an emerging economy by 2025 and is formulating a vision accordingly. Within this framework, the Government has started the preparation of its second generation PRSP that would cover the period of 2011-2016.




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