Sri Lanka looks to re-activate US500mn Millennium Challenge grant

ECONOMYNEXT – Sri Lanka has had talks with the Millennium Challenge Corporation to resume a grant that was halted during a political crisis, Minister for Economic Reform Harsha de Silva said.

He said Finance Minister Mangala Samaraweera and Treasury Secretary R H S Samaratunga had held talks were held with MCC Chief Executive Jonathan Nash.

De Silva said the grant agreement was due to be signed on December 17 but was suspended amid a political crisis.

President Maithripala Sirisena triggered a political crisis suddenly appointing Mahinda Rajapaksa as Prime Minister who did not have a parliamentary majority and illegally dissolved parliament.

Sri Lanka was hit by a credit downgrade from three rating agencies and pressure on the currency worsened. (Colombo/Jan15/2018)

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