The right resources to fight global poverty: President Obama unveils fiscal year 2010 MCC budget

Posted on May 8, 2009 by Rodney Bent, Acting Chief Executive Officer

The Obama Administration sent another strong signal of its commitment to fight global poverty by unveiling a $1.42 billion fiscal year 2010 budget request for the Millennium Challenge Corporation. This figure represents an impressive increase of almost 63 percent in funding for MCC from the amount Congress provided in fiscal year 2009.

As a “smart power” resource for positive U.S. global engagement, MCC is an innovative, country-led, results-driven approach to reducing global poverty through sustainable economic growth. Looking ahead, MCC’s fiscal year 2010 budget provides funding for a strong pipeline of countries, including Jordan, Malawi, and the Philippines, that are working with their civil societies to develop homegrown compact proposals that will overcome barriers to economic growth. The budget also supports MCC’s threshold program, which helps countries not eligible for compacts improve their policy environments.

The fiscal year 2010 budget request will allow MCC to build on its successes to date. MCC’s signed commitments so far of $6.4 billion will raise the incomes of individuals in partner countries worldwide by nearly $12 billion over the life of our investments. These gains will benefit more than 22 million people, as improved national and regional infrastructure, agricultural systems and practices, and other community services spur investment and raise local incomes.

We look forward to working with Congress to fully support the President’s budget request for MCC.

For details on how MCC will allocate the $1.42 billion fiscal year 2010 budget to fight global poverty, read MCC’s just-released Congressional Budget Justification.