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MCC discontinues compact with SL

16 December 2020 10:16 pm - 11     - {{hitsCtrl.values.hits}}

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The United States’ Millennium Challenge Corporation (MCC) voted to discontinue the US $480 million compact agreement with Sri Lanka, Daily Mirror learns.
 
The MCC board took this decision at its meeting on December 15. The MCC unit in Sri Lanka will also be closed accordingly.
 
However, a formal announcement in this regard is yet to be made on the withdrawal.
 
Sri Lanka remained on the agenda for this week’s meeting of the MCC board. 
 
The previous Yahapalana government gave Cabinet approval for the MCC ahead of the 2019 presidential elections. However, the new government, formed after the elections, under President Gotabaya Rajapaksa decided to suspend the signing of the compact.
 
The MCC compact is a grant project that consists of two components — a transportation project and a land project.  The $350 million transport is meant to increase the relative efficiency and capacity of urban and provincial transport infrastructure in the Western, Central, Sabaragamuwa and Uva Provinces. According to the local proponents of the compact, the transport project will upgrade physical roadway networks, modernise traffic systems, and introduce policy and regulatory reforms. The $67 million land project has an estimated economic rate of return of 30% over twenty years and aims to expand and improve existing Government of Sri Lanka initiatives to increase the availability of spatial data and land rights information. The project will initially focus on districts in the Central, North-Western, North-Central and Eastern Provinces.
 
However, the political forces that backed the present government were critical of the compact and insisted that it should be scrapped forthwith. They argued that the compact, particularly its land project, would impinge on Sri Lanka’s sovereignty. It remained a hot political topic before and after the elections with some ruling party legislators calling for its abrogation.
 
The leaders of the present government also echoed similar sentiments. (Kelum Bandara)
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  Comments - 11

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  • lal Wednesday, 16 December 2020 10:29 PM

    This is what they say a 'win win Situation' for both sides. Great decision

    Ranaweera Wednesday, 16 December 2020 10:37 PM

    Those in SJB and Ranjan Ramanayake who openly said that MCC will be signed by this Government will now have to swallow their words. Similarly time will prove many statements made by them were not true.

    Kumar Wednesday, 16 December 2020 10:41 PM

    According to a relative of the ruling family Sri Lanka can depend on Russia and China for financial support. I just couldn't understand why that person is living in the US without moving to China or Russia.

    Demuni Uduwara Wednesday, 16 December 2020 11:03 PM

    So-called patriots and tribes may be thrilled; in short, country never come right.

    Gayan Thursday, 17 December 2020 08:12 AM

    No country ever benefited from MCC. Good decision by the govt to stall it till US got frustrated and moved on.

    Sando Thursday, 17 December 2020 09:18 AM

    Good decision......U.S will now be very dangerous for the Country.

    harshass Thursday, 17 December 2020 09:29 AM

    Can depend more on China.

    Jin Thursday, 17 December 2020 09:41 AM

    A major victory for the venomous China

    sanje Thursday, 17 December 2020 10:30 AM

    US would have educate the SL public with 100% transparency. What they did was using back door which created doubt amonungst people and lobby groups.

    Robo Thursday, 17 December 2020 10:34 AM

    This will make many pro-Chinese lackeys in Sri Lanka very happy. At heart the Sri Lankan people yearn for communism and a dictator. Now they have what they always wanted.

    Man Thursday, 17 December 2020 10:37 AM

    Though government tried to sign the MCC agreement, secretly as it became good after the election and wanted to iron out some minor matters, the US abandoned such agreements with many countries, not alone Sri Lanka. So, nothing to do by the Sri Lankan, government. This is after no denial by the President himself, as that what matters, and it is ample proof.


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