No Millennium Challenge Corporation (MCC) grant monies were ever transferred to or spent by the Government of Sri Lanka under the current $480 million grant, the US Embassy in Colombo said.
Commenting on the MCC agreement with the Government of Sri Lanka, the embassy Tweeted that funds for preparatory activities have been canceled or indefinitely postponed, pending the Sri Lanka Government’s decision whether to proceed with the grant.
On 25 April 2019, the Board of Directors of the Millennium Challenge Corporation approved a five-year, $480 million Compact with the Government of Sri Lanka aimed at reducing poverty through economic growth.
The Compact seeks to assist the Sri Lankan Government in addressing two of the country’s binding constraints to economic growth: (1) inadequate transport logistics infrastructure and planning; and (2) lack of access to land for agriculture, the services sector, and industrial investors.
The compact was composed of two projects: a Transport Project and a Land Project.
The final report of the Expert’s Committee appointed to review the MCC agreement was handed over to President Gotabaya Rajapaksa yesterday (25).
The report revealed that the agreement contains many complications and negative consequences.
Although USD 7.4 million and 2.6 million had been granted under two stages, no account details are to be found anywhere, it further said.
The President had instructed the President’s Secretary to make the recommendations in the final report of the Expert’s Committee appointed to review the MCC agreement accessible to the public.
Meanwhile, the Millennium Challenge Corporation – a US Government agency, was once again been ranked #1 globally among bilateral donor agencies.
The US Embassy in Colombo said the MCC’s strong performance reflects its commitment to data transparency, fair & competitive procurements & rigorous monitoring & evaluation of poverty-reducing programs. (Newswire)
