Dec 17, 2020 (LBO) – The United States remains a friend and partner to Sri Lanka and will continue to assist Sri Lanka in responding to COVID and building its economy, the US Embassy in Sri Lanka said.
Releasing a statement on the decision of the Millennium Challenge Corporation Board to discontinue the proposed compact with Sri Lanka, the embassy said that the decision has been taken due to the lack of partner country engagement.
On December 15, the Millennium Challenge Corporation (MCC) board decided to discontinue the proposed Rs. 89 billion MCC development assistance grant to Sri Lanka.
"Country ownership, transparency, and accountability for grant results are fundamental to MCC’s development model," the embassy highlighted.
"The Rs. 89 billion approved for Sri Lanka will be made available to other eligible partner countries in need of grant funding to pursue their economic development priorities, reduce poverty, and grow their economies."