The World Bank has set out five core principles underpinning the development and implementation of Poverty Reduction Strategy Papers (PRSPs):
Country-driven and country-owned. PRSPs should involve broad-based participation by civil society and the private sector at all stages, including formulation, implementation, and outcome-based monitoring.
Results-oriented. PRSPs should focus on outcomes that will benefit the poor.
Comprehensive. PRSPs should recognize the multidimensional nature of poverty and the scope of actions needed to effectively reduce poverty.
Partnership-oriented. PRSPs should involve the coordinated participation of development partners, including bilateral and multilateral agencies and nongovernmental organizations.
Based on medium- and long-term perspectives. PRSPs should recognize that sustained poverty reduction will require action over the medium and long terms as well as in the short run.
The Bank also specifies four key areas of content for PRSPs:
- Macroeconomic and structural policies to support sustainable growth in which the poor participate.
- Improvements in governance, including public-sector financial management.
- Appropriate sectoral policies and programs.
- Realistic costing and appropriate levels of funding for major programs.