US Embassy elaborates stance on discontinuation of MCC grant

COLOMBO (News 1st): The Government of the United States of America has decided to discontinue the proposed Millenium Challenge Compact grant which was approved for Sri Lanka. Issuing a release on Thursday (17th) the US Embassy in Sri Lanka says the decision had been made due to lack of partner country agreement. " The Rs. 89 billion approved for Sri Lanka will be made available to other eligible partner countries in need of grant funding to pursue their economic development priorities, reduce poverty, and grow their economies", the release notes. It adds country ownership, transparency, and accountability for grant results are fundamental to MCC's development model. "The United States remains a friend and partner to Sri Lanka and will continue to assist Sri Lanka in responding to COVID and building its economy", the release states. Full release: https://lk.usembassy.gov/statement-on-decision-of-millennium-challenge-corporation-board/