The International Monetary Fund (IMF)and the World Bank introduced the Poverty Reduction StrategyPaper (PRSP) process in 1999 to strengthen the povertyalleviation focus of their assistance to low-incomecountries. This report reviews Tajikistan s experience withthe PRSP process, focusing on the effectiveness of IMF andWorld Bank support to the process and the extent to whichthe two institutionslending and non-lending activities inthe country are aligned to the objectives of the PRSPapproach. The rest of the report is organized as follows.Part two provides brief background accounts of political andeconomic developments since independence in 1991, includingpoverty incidence in the late 1990s. The relevance of thePRSP approach, application of the underlying principles, andpreliminary evidence on results, are examined in part three.Part four considers the effectiveness of World Bank support,including alignment of that support to the objectives of thePRSP approach. The effectiveness of IMF support, includingalignment of programs supported under the Poverty Reductionand Growth Facility (PRGF) and its predecessor, the EnhancedStructural Adjustment Facility (ESAF), to PRSP objectives,is assessed in part five. Part six reviews IMF-World Bankcollaboration, include the Joint Staff Assessments (JSA) ofthe PRSP and of collaboration on country operations. Partseven presents main conclusions and lessons.