The Sri Lankan is reportedly set to lose several million dollars of funding through the United States’ Millennium Challenge Corporation (MCC), according to reports in the Colombo press after a public forum last week.
Speaking at a forum organised by Advocata Institute, Resident Country Director for the MCC Jenner Edelman said that Sri Lanka’s transition to an upper middle-income country may no longer be eligible for the funding.
Edelman also spoke about how the Sri Lankan government had delayed in signing the next phase of the agreement.
“What is unique is that on our 15-year history we’ve never had a situation where an eligible country had come to us and proposed a grant, and our board has accepted it to the tune of nearly half a billion US dollars and the partner country has not approved it,” she said. “It is up to you whether you want to want to take a grant or you wish to take loans.”
“There is not much we can do now,” Edelman added. “We are hopeful that under a new government, we will be able to get this approved before the December meeting. I understand this will take time but the timing is not ideal with the election”.
