A billion people, including at least two-thirds of those in the 49 least developed countries (LDCs), are taking part in a massive social experiment. Will Poverty Reduction Strategy Papers (PRSPs), the current centrepiece development strategy for LDCs, help them escape from extreme poverty? Are PRSPs, as currently designed, likely to promote sustained growth? A report by the UN Conference on Trade and Development (UNCTAD) provides an international comparative analysis of poverty in the LDCs. UNCTAD suggests that the full potential of the PRSP approach to poverty reduction is not being utilised and that the Highly Indebted Poor Countries (HIPC) initiative is half-hearted.