Sri Lanka Millennium funding on hold

[TamilNet, Tuesday, 18 December 2007, 05:54 GMT]
In a curt statement displayed in Millennium Challenge Corporation (MCC) website, the message for Sri Lanka dated November 2007 said, "In light of the ongoing security concerns in Sri Lanka, MCC will consider a resumption of compact due diligence activities when there is a greater prospect for success of our mission," indicating that the proposed funding of nearly $590million is on hold pending improvement in security situation.

Sri Lanka was one of 16 countries that was selected as eligible to request development assistance funds from the Millennium Challenge Account (MCA) according to a May 6 2004 press release from the U.S. government-funded Millennium Challenge Corporation (MCC).

For Sri Lanka, the proposal for $590m appears to have been suspended at the Opportunity Memorandum state on August 2005, and has move through the Congressional notification to Compact process signing stage, before the initial disbursement is made.

External Links:

USGov:		Sri Lanka 2004: Millennium Challenge Development Funds
MCC:		Sri Lanka: Compact-Eligible Country Report