Transcription of Millennium Challenge Corporation: Overview and Issues
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Millennium Challenge Corporation: Overview and Issues
Millennium Challenge Corporation: Overview and Issues Updated October 3, 2019 Congressional Research Service RL32427 Congressional Research Service SUMMARY Millennium Challenge Corporation: Overview and Issues The Millennium Challenge Corporation (MCC) provides economic assistance through a competitive selection process to developing nations that demonstrate positive performance in three areas: ruling justly, investing in people, and fostering economic freedom. From the outset, Congress has been integrally involved with MCC s creation, mandate, operations, and budgets. Established in 2004, MCC provides foreign assistance that differs in several respects from aid through other agencies, including: a competitive process that rewards countries for past actions measured by objective performance indicators; a pledge to insulate the funds from strategic foreign policy objectives that often strongly influence where aid is spent; a mission to seek poverty reduction through economic growth, not encumbered with multiple sector objectives; a requirement to solicit program proposals developed primarily by qualifying countries with broad-based civil society involvement; the responsibility of recipient countries to implement their own MCC-funded programs, known as compacts; a compact duration limited to five years, with funding committed up front; continuous data collection b
with then-existing foreign aid programs. It represented a significant change in the way the United States delivered economic assistance. MCC is based on the premise that economic development succeeds best if it is linked to free market economic and democratic principles and policies and where governments are committed
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