Amcham urges Sri Lankan Government to approve MCC compact

Colombo (News1st) - The American Chamber of Commerce in Sri Lanka has urged the Government of Sri Lanka to consider approving the Millenium Challenge Corporation or MCC Compact. The American Chamber of Commerce says all projects and activities in the program were proposed by the Government of Sri Lanka years ago, in extensive consultation with line ministries and departments, business chambers and over a hundred individual firms, civil society organizations, non-governmental organizations, think tanks, banks and local entrepreneurs. AMCHAM says the transport project if implemented, has an estimated economic rate of return of 19%, while the land project has an estimated economic rate of return of 26%. It adds, together, the two projects are projected to benefit 11.3 million people, which accounts for 54% of Sri Lanka’s population. The statement notes, AmCham Sri Lanka is strongly committed towards uplifting the country’s economy and aiding such development that will benefit its membership and the larger business community & call upon the Government of Sri Lanka to approve this grant, consider the advantageous impact the MCC will have on the country’s economy, and make this a priority before MCC’s Board of Directors meets on September 18th, 2019. THE PRESIDENT OF SRI LANKA KEEPING VERY MUCH IN MIND, THE PRACTICE OF NOT ENGAGING IN ANY SERIOUS FINANCIAL COMMITMENT AHEAD OF MAJOR ELECTIONS SUCH AS THE PRESIDENTIAL POLL, HAS ASKED THAT THE ACCEPTANCE OF THE MILLENNIUM CHALLENGE COMPACT BE LEFT FOR UNTIL AFTER THE ELECTION. HOWEVER, IT OUGHT TO BE NOTED THAT SRI LANKA HAS A HUGE DEBT BURDEN, CURRENTLY RUNNING AT APPROXIMATELY 83% OF OUR GDP. IF THE DONOR OF THIS MILLENNIUM CHALLENGE COMPACT REALLY WANTS TO MAKE A DIFFERENCE, PERHAPS THEY OUGHT TO CONSIDER HELPING SETTLE THE HUGE DEBT THAT SRI LANKA IS NOW ENGULFED IN.