Sri Lanka studying MCC deal, reviewing others: Minister

ECONOMYNEXT – Sri Lanka’s new administration is studying a draft agreement with America’s Millennium Challenge Corporation for grant funding and is also reviewing all other agreements signed by the last few years, State Minister for Investments Promotions Keheliya Rambukwella said.

“We are studying the MCC agreement now,” Rambukwella told reporters in Colombo. “When we look at the facts in it we believe that some of the facts are unacceptable.”

Under the MCC deal Sri Lanka is getting grant funding to modernize the country’s land registry, give co-ownership of property to spouses and make it more difficult to write fraudulent land deeds.

It will also give money for a pilot traffic management project and build several roads that will cut down travel time for farmers and others from rural areas to urban centres.

The MCC deal became a political hot potato during the presidential elections.

President Gotabaya Rajapaksa has already said he will review the sale of Hambantota port to a Chinese company.

“Not only the Hambanthota agreement.In general all MOUs, all agreements that were signed during the last government,” will be reviewed, Rambukwella said. (Colombo/Dec03/2019)

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