The study presented on the occasion of the spring 2002 meeting of the World Bank and the IMF, looks at the new structural adjustment loans to Uganda in light of the country’s Poverty Reduction Strategy Paper (PRSP). The authors suggest that crucial economic policy reform prescriptions contained in the loans may impair Uganda’s ability to realize the poverty reduction objectives. The study also questions whether the PRSP process allows an authentic and effective participation of civil society side-by-side with the government and IFIs (International Financial Institutions) in the articulation of the anti-poverty policies.