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Sri Lanka Loses 89 Billion US grant due to lack of engagement
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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.