Successful plans to fight poverty require country ownership and broad based support from the public in order to succeed. A PRSP contains an assessment of poverty and describes the macroeconomic, structural, and social policies and programs that a country will pursue over several years to promote growth and reduce poverty, as well as external financing needs and the associated sources of financing. They are prepared by governments in low-income countries through a participatory process involving domestic stakeholders and external development partners, including the IMF and the World Bank.
(source: http://www.imf.org/external/np/exr/facts/prsp.htm)