Washington, D.C. — Daniel W. Yohannes, Chief Executive Officer of the U.S. Government’s Millennium Challenge Corporation (MCC), testified today before the U.S. House Appropriations Subcommittee on State, Foreign Operations about the agency’s poverty reduction progress and results to date, as well as the Administration’s budget request of $1.28 billion for FY2011.
"With so many priorities competing for limited resources during these challenging times, we all have to be prepared to make tough choices,â€ said Mr. Yohannes in his testimony before the committee. "Congress created MCC to be innovative. We must live up to those expectations and build on our performance-based, transparent, country-driven model.â€
Earlier this year, MCC signed a $262 million compact with Moldova, and in FY2010 plans to sign compacts with the Philippines and Jordan. Additionally, the agency is working with Indonesia, Malawi, and Zambia on developing poverty reduction compact proposals. MCC anticipates signing compacts with these partners, as well as a second compact with Cape Verde, in FY2011.
Mr. Yohannes added, "My priority as CEO is to show how MCC’s programs are delivering results and changing people’s lives. We must make smart investments that will produce significant returns in the fight against global poverty. We must adapt programs based on implementation challenges. I am committed to communicating with you as we work through these processes.â€
"Getting the biggest bang for our MCC investment will require more creative partnerships with other U.S. Government agencies, the private sector, civil society, philanthropic organizations, NGOs, and multilateral institutions,â€ said Mr. Yohannes.
To date, MCC has signed 20 compacts and has funded 21 threshold programs, committing over $7.5 billion to worldwide poverty reduction through results-driven programs built on measureable and transparent objectives. Some of MCC’s progress to date includes over 105,000 farmers trained to boost productivity and food security, and the ongoing construction of more than 1,500 kilometers of roads to facilitate access to markets, schools, and health clinics.
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Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth. For more information, please visit www.mcc.gov.