As the International Monetary Fund and The World Bank enter their 60th year celebration, it is timely that they examine the development that they have sponsored thus far. They must recognize that their prescriptive policies have not led to the development they had advertised. Nor has their introduction of Poverty Reduction Strategy Papers actually led to a change of ownership of development policies. Instead, it has produced a new form of obedience, which leaves open the question as to whether poverty reduction is merely a hoped-for by-product of macroeconomic policies, or the overriding objective.