Washington, D.C. Today, Millennium Challenge Corporation CEO Ambassador John Danilovich released this statement after President Bush submitted the fiscal year 2007 Budget to Congress. The Budget requests $3 billion for the Millennium Challenge Account.
The 2007 budget request of $3 billion reaffirms the commitment by President Bush and the Millennium Challenge Corporation to reduce poverty through promoting sustainable economic growth in the developing world. This request is consistent with past Congressional funding decisions in fiscal years 2004, 2005, and 2006, and will enable MCC to ramp-up to $5 billion in 2008.
MCC represents an innovative, common sense approach to development assistance focused on providing incentives for countries to implement the reforms necessary for aid dollars to be used effectively. As stewards of U.S. taxpayer dollars, MCC is committed to measuring the results achieved from the assistance we provide.
We look forward to working with Congress to attain the Presidents’ request for MCC to bring hope and opportunity to the world’s poor. Fully funding MCC is essential to rewarding countries that have demonstrated their commitment to good governance. Not only does this reflect America’s core values, but by stimulating economic growth and encouraging good governance, it also enhances U.S. security and promotes freedom and democracy throughout the world.
Since its inception last year, MCC has signed and approved Compacts totaling over $1.5 billion with eight countries: Madagascar, Cape Verde, Honduras, Nicaragua, Georgia, Armenia, Vanuatu, and Benin. MCC is also actively engaging with other eligible countries to assist them in Compact development.
Additionally, under the agency’s Threshold Program, MCC has committed nearly $13 million to help improve girls’ primary education in Burkina Faso, almost $21 million to help Malawians fight corruption, and over $11 million to help Tanzanians fight corruption and strengthen the rule of law.
Millennium Challenge Corporation (MCC), a U.S. government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.