The Poverty Reduction Strategy (PRS) process is the centerpiece for BWI relations with low-income countries. 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. The new framework for poverty reduction centered on PRSPs was endorsed by Ministers at the 1999 Annual Meetings of the Boards of the IMF and World Bank to strengthen the impact of public action on poverty. The strategies are to be developed in a participatory manner and used to prioritize the use of government and external resources, including debt relief savings under the HIPC Initiative. At the end of 2003, over thirty-five countries had adopted a PRSP and the Bank intends to extend the PRS Initiative to all low-income countries. There is now a critical mass of evidence on implementation of the process, with some countries nearing the end of their first cycle of implementation. An independent review at this point was intended to give a timely update of PRSP progress and draw lessons to benefit the updating of poverty reduction strategies, the design and implementation of new PRSPs, and enhance the performance of supporting external partners.