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Poverty reduction support credits : a stocktaking (English)

The World Bank introduced Poverty Reduction Support Credits (PRSCs) in May 2001 as one of International Development Associations (IDA's) main vehicles to support low-income countries in implementing their Poverty Reduction Strategy Papers (PRSPs). The PRSC is a programmatic approach to Development Policy Lending (DPL) in low-income countries, which typically consists of three or four annual, single-tranche operations, phased to support the government's medium-term development objectives. It embodies the Bank's contribution to the emerging experience with budget support, which is commonly understood to mean the provision of financial assistance directly to a partner country's budget on a regular basis, using the country's own financial management systems and budget procedures. The PRSC's overarching goal of bolstering the PRSP approach, and particularly of reinforcing the country ownership embedded in the initiative, was to be achieved through several mutually reinforcing objectives: a) to help implement a medium-term program that builds upon and draws from the PRSP's priorities and objectives; b) to improve resource predictability through medium-term annual commitments that are disbursed in line with domestic planning, budgeting, and review processes; and c) to provide a framework for coordination with development partners, particularly with the International Monetary Fund (IMF) through its Poverty Reduction Growth Facility (PRGF) and other budget support donors.

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Citation

Factora,John

Poverty reduction support credits : a stocktaking (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/860001468140966582/Poverty-reduction-support-credits-a-stocktaking