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Discuss the extent to which Poverty Reduction Strategies represent a major changes in policy for the World Bank in relation to t - Essay Example

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World Bank’s Poverty Reduction Strategies Name Professor Institution Date World Bank’s Poverty Reduction Strategies Introduction Poverty Reduction Strategy during the year 1999 focused on establishment of guidelines that the World Bank and International Monetary Fund (IMF) would be following, while lending to poorest countries in the world…
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Discuss the extent to which Poverty Reduction Strategies represent a major changes in policy for the World Bank in relation to t
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Download file to see previous pages Moreover, this review featured a chance to acknowledge the process, which was enhanced on the basis of preliminary evidence that was available. In this case, there were numerous issues that had to be resolved and this gave rise to several questions, which were asked by NGOs. For instance, some of the hard questions to be asked related to assimilation of Poverty Reduction Strategy Paper (PRSP). In addition, this review sought to determine whether the process of implementing PRSP had met the expectation within stipulated administrative costs. This is a report focusing on assessing the changes that has occurred due to the implementation of Poverty Reduction Strategies through programmes established by World Bank and IMF. On the other hand, it will discuss the way poverty has been utilized as a facilitating Structural Adjustment Programmes (SAPs) among poor countries. In fact, this has resulted to a sever condition of their economic crisis. The World Bank and IMF have formulated strict policy focused on operations involving Bank Fund. For instance, they have focused on assortment of prescriptions that are merely classified as “good governance.” Nevertheless, there are international donors, who have complied with the Bank development models that is featured in PRSP. As a matter of fact, this has failed significantly during the years that it has been implemented in the Global South. Apparently, World Bank and IMF have been avoiding ways to tackle the problems that has contributed to failure of implementing Poverty Reduction Strategies. Instead, they focus on evaluating the PRSP process, thereby identifying chance of replicating favourable practices. In this case, these practices are emanated from the PRSP process that is considered helpful. Moreover, this process is far much better compared to other processes, which disregard poor people, thereby imposing solutions without reference to specific subject country; besides, there are instances where the processes are derived without consulting the counties receiving the funds. Therefore, PRSP has been evaluated by several NGOs, and this has given rise to a desire of determining whether the World Bank is still fixated to achieving their mission of eradicating poverty. Consequently, this leads to a substantial challenge in discussing the extent of implementing Poverty Reduction Strategy on the basis of policies implemented by the World Bank on the based on effects in the Global South. Poverty Reduction Strategy (PRS) A country’s macroeconomic condition is explained by the Poverty Reduction Strategies (PRS) and Poverty Reduction Strategy Papers (PRSP) (IMF-World Bank, 1999, 1). Moreover, Poverty Reduction Strategy features a structural and social policies, and programs that are focused on promoting growth as a way of reducing poverty. Therefore, PRS serves as a substantial source of financing countries that are languishing in poverty (Robb, 2000, 2). PRS are established by the governments of respective countries through their participation in the process, which involve civil society and necessary development partners. In fact, this process involves the World Bank and International Monetary Fund (IMF) (IMF-World Bank, 2001, 1). On the other hand, the PRSP is written by a given country thrice in a period of one year. However, the content entailed in the PRSP varies from one country to the other; through they all share a similarity of covering ...Download file to see next pagesRead More
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