Millennium Challenge Corporation Agreement With Sri Lanka

This is a standard protection, characteristic of international aid agreements that are used to ensure that subsidies are used exclusively to achieve the pact`s objectives and do not fall into the wrong hands. 16 Council on Foreign Relations. (2005). External aid: Millennium Challenge Accounts. [online] Available at: www.cfr.org/backgrounder/foreign-aid-millennium-challenge-account [Access August 16, 2019]. Published by the Ministry of Finance, Sri Lanka: treasury.gov.lk/article/-/article-viewer-portlet/render/view/mcc-agreement-drafted-with-the-consent-of-ag If publicly available information is verified, the MCC grant does not involve the rental or transfer of property on Sri Lankan land and does not require Sri Lanka to rem rem payment of any of the grant amounts until the agreement is explicitly violated. The four-member committee, headed by Professor Lalithasiri Gunaruwan, who last week presented its interim report to President Gotabaya Rajapaksa, said that there were clauses and conditions in the agreement that would have a negative impact on national objectives and objectives, sovereignty and national security and would be incompatible with the legal framework and the Constitution, Financial Times Minister And Guna Gun. 3. Analysis of MCC restrictions lacks local ownership: the MCC restriction analysis for Sri Lanka was conducted in the United States without the participation of national universities, academics and the interests of the local population. The report does not identify the mandatory restrictions on the island`s growth. Sri Lankan experts see rent-seeking and corruption by politicians and associated business networks as a major obstacle to economic growth, investment and the fight against poverty, not agricultural policy or transport.

It should be noted that mcC has neglected “corruption” as a constraining obstacle to growth and the fight against poverty as part of its stated commitment to “good governance”. Therefore, if the MCC wants to support Sri Lanka, the best thing to do would be to contribute US$480 million to repay some of the island`s debt to international banks and US and EU government bond brokers. This would free up the country`s fiscal space to invest in development in line with national priorities and agendas. Sri Lanka has the highest poverty among agricultural and fishing communities. Getting these people out of poverty requires a development agenda to strengthen local fishermen and farmers. However, us-donors from the United States and the EU have still failed to help Sri Lanka exploit its vast maritime resources. Instead, Sri Lanka`s exclusive maritime economic zone, which is nearly ten times the size of the land, is overexploited and exploited by the Remote Water Fishing States (DWFS), which claim to support the fight against poverty through trade concessions.

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