Poverty reduction strategy papers (PRSPs) present a recipient country's program of intent for the utilization of World Bank loans and grants to alleviate debt under the bank's programs of action for poverty reduction in highly indebted poor countries (HIPCs). This article argues that structural transformation is a prerequisite for poverty reduction in Zambia. However, the Zambian PRSP is largely informed by mainstream thinking on poverty and livelihoods. It champions a neoliberal program constructed on the sanctity of the market and seeks to maintain the very structural processes that engender poverty. Because it fails to break, conceptually and methodologically, from past program failures, the PRSP is likely to be just the latest installment in the ever-changing fashionable semantics of the "development community." The article examines the conceptual and methodological failures of the Zambian PRSP particularly with respect to the measurement of poverty and the concept of participation.