Washington—President Barack Obama submitted his fiscal year 2014 budget proposal to Congress today. The proposal includes $898.2 million for the U.S. Government’s Millennium Challenge Corporation to continue fighting global poverty through economic growth.
The budget request for fiscal year 2014 is expected to support funding for new compacts from among Liberia, Morocco, Niger, Sierra Leone, and Tanzania, as well as Threshold Programs with Guatemala and Nepal. Even if this request is met, however, there will be more countries than available budgetary resources to fund compacts with all of these countries in fiscal year 2014.
MCC’s fiscal year 2014 Congressional Budget Justification can be found here.
“In today’s constrained budget environment, MCC is committed to putting our partner countries on a path to self-sufficiency not just because it's the right thing to do, but also because it will strengthen our own economy and enhance our national security,” MCC CEO Daniel W. Yohannes said. “The President’s budget request will allow us to continue focusing on fighting poverty, promoting American values and enhancing transparency and accountability to ensure that we receive sound returns on our investments.”
Since its founding in 2004, MCC has signed 26 development assistance compacts and 21 Threshold Programs, committing almost $9.3 billion to fighting poverty around the world and supporting sustainable economic growth through country-led solutions with a focus on results and accountability.
Guided by a commitment to good governance, country ownership, transparency, and results, MCC continues to prudently manage budget resources to ensure the best possible return on investment for the American taxpayers and help poor countries achieve long-term economic growth.