Lanka declared eligible for assistance under the Millennium Challenge Account

Lanka declared eligible for assistance under the Millennium Challenge Account
 17 December 2015

Sri Lanka was selected as an eligible country for assistance from fiscal year 2016 at a meeting of the Board of Directors of the U.S. Millennium Challenge Corporation (MCC) held in Washington DC on  December16, Sri Lankan embassy in Washington said.

This decision of the Board was conveyed by telephone on the same evening, 16 December, to Prime Minister Ranil Wickremesinghe, by the Chief Executive Officer of the MCC, Dana J. Hyde.

"Created by the U.S. Congress in 2004 with strong bipartisan support, the MCC is an innovative U.S. foreign assistance agency that operates on the principle of delivering assistance on the basis of a long-term consultative partnership with individual

countries. The criteria for consideration in entering a partnership include a country’s commitment to good governance, economic freedom and investment in citizens." a statement from the embassy said.

Country ownership and country-led solutions for reducing poverty through sustainable economic growth is an important underlying principle based on which MCC grants are provided. Grants are designed to complement other U.S. and international development programmes, and create an enabling environment for private sector investment.

"The MCC’s Board of Directors is chaired by the US Secretary of State John Kerry and includes as members the Secretary to the Treasury, the U.S. Trade Representative, the USAID Administrator, CEO of MCC and four private sector representatives, appointed by the President of the United States with the advice and consent of the U.S. Senate. "

In keeping with the Government’s vision for good governance, strengthening the rule of law, and achieving reconciliation, development, durable peace and prosperity for all, the government of Sri Lanka will work to foster an enduring engagement and partnership with the MCC with the objective of reaping benefits for all the people in the country.

The selection of Sri Lanka as an eligible country for long-term partnership with the MCC is a demonstration of recognition of the progress made by Sri Lanka since January 2015 under the leadership of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.