Monrovia – The administration of President George Weah has for the first time made a successful pass, and this feat has given the government a chance to secure the compact funding from the Millennium Challenge Corporation (MCC) program, with grant funding in the tune of US$500 million.
By Selma Lomax
The Weah-led government had previously performed dismally for the previous five years, denying the country the opportunity to secure a second compact in the Fiscal Year 2020 that would have greatly funded the government’s national development roadmap — the Pro-Poor Agenda for Prosperity and Development.
In this Fiscal Year, the MCC scored Liberia high in Control of Corruption and Democratic Rights. Under Economic Freedom, Liberia scored 38 per cent under Fiscal, with a score of 4.1, while recording 7.0 under Inflation.
Under Regulatory Quality, Liberia secured 38 per cent mark, while at the same time obtaining 38 per cent in Trade Policy, with a score of 60.8.
If Weah government secures the MCC funding, it would have been the country’s second. The government of former President Ellen Johnson Sirleaf secured the compact funding of US$257 million to rebuild the country’s war-ravaged electricity utility.
The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. foreign assistance agency that is helping lead the fight against global poverty.
Created by the U.S. Congress in January 2004 with strong bipartisan support, MCC has changed the conversation on how best to deliver smart U.S. foreign assistance by focusing on good policies, country ownership, and results. MCC provides time-limited grants promoting economic growth, reducing poverty, and strengthening institutions.
MCC grants are designed to complement other U.S. and international development programs, as well as create an enabling environment for private sector investment. There are three primary types of MCC grants:
MCC projects tackle some of the most pressing challenges people face in developing countries, like supplying electricity so businesses can operate and students can study after dark; providing clean drinking water so women don’t have to walk long distances—sometimes at great personal risk—to get water for their families; and building roads so farmers can get their goods to market and children can get to school. MCC has invested more than $14 billion in compact and threshold programs worldwide that support country-led projects in areas like.