Through the principle of country ownership including broad-based participation, Poverty Reduction Strategies (PRS) introduced by the World Bank and the IMF as a new condition for aid at the turn of the century have a non-negligible potential to promote democratization in developing countries. In...

Introduced in 1999, poverty reduction strategies (PRS) are currently the World Bank and IMF’s main instrument to regulate access to debt relief and concessional financing from both institutions. By replacing the former structural adjustment programs this new approach seeks to increase the...