ECONOMYNEXT – Sri Lanka’s government will seek parliamentary approval for a 480 million US dollar grant agreement with the US Millennium Challenge Corporation before it becomes effective, the finance ministry said.
“The Compact Agreement and the Program Implementation Agreement will be submitted to and enacted by Parliament of Sri Lanka once it is signed and before its entry into force,” a statement said.
The deal with MCC will also be published in the government gazette before being submitted to Parliament, it said.
The MCC agreement, which funds improvements in transport and land administration, has been drafted with the consent of Sri Lanka’s Attorney General, it said.
“The whole process and the final agreements were done under the guidance of the Attorney General and well within the legal framework,” the finance ministry said.
(COLOMBO, 31 October 2019)