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

A 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.