Home / News/ Sri Lanka, MCC in discussions on multi-million dollar grant for economic development

Sri Lanka, MCC in discussions on multi-million dollar grant for economic development


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 25 January 2017 00:00


71A team of senior officials of the U.S. Millennium Challenge Corporation (MCC) is in Sri Lanka to discuss the island nation’s economic growth strategies and its solutions to eradicating poverty through growth with the corporation’s million dollar grant for the country’s economic development.

The MCC team, led by the Regional Deputy Vice President Fatema Z. Sumar, on the first day of its visit, held discussions with the Minister of Finance Ravi Karunanayake and the Acting Foreign Minister Dr. Harsha de Silva today.

At its quarterly meeting on 13 December 2016, the Millennium Challenge Corporation Board of Directors selected Sri Lanka, along with Burkina Faso and Tunisia for new MCC compacts - five-year grants - to encourage economic growth and reduce poverty.

Selecting Sri Lanka for the five-year compact grant, the Board recommended that MCC explore investments that address obstacles to economic growth - both domestic and regional - while recognising the need for statutory authority to optimise regional impact.

“This will be the largest grant we ever received and is a result of good governance and economic freedom,” Acting Foreign Minister Dr. Harsha de Silva said.


Share This Article


COMMENTS

Today's Columnists

The SLFP’s crisis

Tuesday, 12 December 2017

The SLFP’s crisis is a crisis of ideological identity. It is also an existential crisis. The SLFP is divided into two tendencies, a Minority (‘Menshevik’) faction with 44 seats in Parliament, led by President Sirisena, not all of them elected,


Investments in listed securities and best practices to follow

Tuesday, 12 December 2017

Investment in financial instruments has never been easier than today. With the sphere of new technology, an investor is able to invest not only in his or her own jurisdiction but also in other countries’ financial markets. The capital market is an


Law, society, power and morality

Tuesday, 12 December 2017

On 28 November, I wrote a small op-ed which was received with mixed emotions, and hence I believe this follow-up will put the record straight. My sentiment throughout the article was that the state had the obligation to enact legislations which corre


Lloyd Yapa’s treatise on export competitiveness: A must reference book for SL economic policymakers

Monday, 11 December 2017

A pressing economic problem faced by the present Government, and any government that would come to power in the future, is the dwindling export earnings.


Columnists More