ECONOMYNEXT – Sri Lanka’s parliament must approve a proposed grant of 480 million dollars by the United States government’s Millennium Challenge Corporation to ensure it has public support, the U.S. embassy said.
“Parliamentary review and approval are required by MCC to ensure the grant assistance agreement has the support of the government and the people,” a statement said.
Sri Lanka’s Cabinet of ministers has just approved the MCC grant aimed at improving transport and land administration.
“Consistent with the MCC’s worldwide policy in all partner countries, once the grant assistance agreement is signed, the Government of Sri Lanka will send it to parliament for approval,” the statement said.
“Inasmuch, Parliament will have ample opportunity to review the grant assistance agreement.”
The embassy said that during the review period, the government of Sri Lanka will develop plans to implement the grant assistance agreement and design projects to improve transportation and land administration.
“This grant assistance agreement will directly benefit over 11 million Sri Lankans and meaningfully stimulate economic growth.”
(COLOMBO, 01 November 2019)