MCC discontinued in Sri Lanka
Kathmandu, December 17. The Board of Directors meeting of Millennium Challenge Corporation(MCC) held in Washington DC has decided to discontinue its pact with Sri Lanka. Earlier, MCC had decided upon a US$ 480 million compact with Sri Lanka.
The pact with Sri Lanka was approved in 2019, could not move ahead after Sri Lanka did not sign the deal. A special committee, headed by Professor Lalithsiri Gunaruwan of the University of Colombo, recommended the government to “unconditionally reject” the agreement. The recent politicization of the new administration led Sri Lanka to opt out of the agreement.
The agreement was proposed to upgrade infrastructure and improve land management in Sri Lanka. While the previous government seemed positive upon the proposal, the current administration initiated investigation into the agreement, which did not go well with Washington.
In a press release, MCC has said that they have declared new countries for the agreement, with Sierra Leone topping the list.
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