Congressional Budget Justification, FY 2024

Executive Summary

MCC’s fiscal year 2024 budget proposal will support its mission to reduce poverty through sustainable, inclusive, economic growth in partner countries, while helping create new markets for trade and investment, jobs, and opportunities for American businesses.

Compact Assistance

Fully funding MCC’s budget proposal will help support eleven compacts anticipated to be undergoing implementation, with another five signed or presented to MCC’s Board, and ready to be signed by the end of FY 2024.

Threshold Programs

MCC is requesting $51 million for threshold program assistance in FY 2024 to provide for new country selections to be made in December 2023.

Compact Development and Oversight

Compact development and oversight are composed of both Compact Development Funding and Due Diligence funding. These funds support pre-implementation planning and assessment, oversight activities during implementation, and post-compact evaluations.

Administrative Expenses

The administrative budget covers critical mission support functions such as financial management and oversight, domestic and international security, human resource and overseas administrative support, IT and cybersecurity, and facilities management and rent.

Office of the Inspector General

The USAID Office of the Inspector General conducts financial and performance audits and reviews for MCC annually.

Proposed Legislative Changes

MCC is seeking three proposed legislative changes, which are the redefinition of MCC’s candidate country pool, the removal of the 25 percent funding cap on lower-middle income countries (LMICs), and updates to MCC’s Annual Report requirements.

Appendix: Annual Performance Report

The appendix is a set of supplemental data and supporting materials used to produce the MCC budget justification, including MCC’s current portfolio listing, closed compacts results and modifications, sector results, beneficiary estimates, and corporate goals.