US Millennium Challenge Corp backs Sri Lanka policy reforms
Mar 10, 2016 18:59 PM GMT+0530 | 0 Comment(s)
U.S. Ambassador Atul Keshap discusses with President Maithripala Sirisena how the MCC's program grants can help spur growth and alleviate poverty.
ECONOMYNEXT –Millennium Challenge Corporation (MCC), a U.S. government aid agency, is to strike a partnership with Sri Lanka to support policy and institutional reforms that help economic growth, private investment, and reduce poverty.
Representatives from MCC are visiting Sri Lanka this week to begin a partnership to overcome key challenges to economic growth and poverty reduction, the Embassy of the United States of America said in a statement.
The delegation met with President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, and other top cabinet ministers, along with a cross-section of industry, civil society, development partners and local government officials
“Over the coming months, MCC and the government of Sri Lanka will jointly identify the country’s greatest constraints to economic growth, opportunities for private investment, and social barriers to poverty reduction,” the embassy said.
“The results of this assessment will help to define the policy and institutional reforms that the new threshold program will support.”
The MCC has the potential to play a major role in advancing Sri Lanka’s economic future in a transparent and sustainable way, said U.S. Ambassador Atul Keshap.
“The goal is to complement Sri Lanka-led efforts to invest in its people and create a business-friendly environment that spurs entrepreneurs and attracts foreign investors.”
Since its establishment in 2004, MCC has awarded a total of nearly 11.8 billion dollars in grants to 40 countries on five continents.
“We are here because Sri Lanka has made tremendous progress over the past year to reinvigorate democratic institutions, improve governance, and restore protection of human rights,” said Beth Tritter, MCC Vice President for Policy and Evaluation.