Tuesday, February 15, 2011

President Obama Requests $1.125 Billion For MCC To Continue Its Mission To Reduce Poverty

U.S. President Barack Obama delivered his Fiscal Year 2012 budget proposal to Congress today which includes $1.125 billion for the Millennium Challenge Corporation (MCC) to continue innovative approach to development assistance. In a press release, MCC confirmed this fact. MCC, A U.S. Government agency aims to reduce global poverty through economic growth on the principle that aid is most effective when it reinforces sound economic, political and social policies. Since it was established in 2004, MCC has partnered with 22 countries on large scale poverty reduction programs in order to help them achieve self-sufficiency and fight corruption while promoting accountability.

Besides 22 countries, MCC is expected to partner with 6 more countries in fiscal year 2011 and 2012 which account for over 6% of those living under $2 a day. These are Indonesia, Malawi, Zambia, Cape Verde, Ghana, and Georgia. These countries are eligible for partnering because their sound policies provide a solid foundation for growth and measurable development results. MCC believes that, in these difficult times it is more important than ever to make sure that American taxpayer dollars are being used efficiently by not only reducing global poverty but also creating stable trading and investment partners for U.S. that will strengthen the American economy and secure American interest.

MCC through their effort continues to make significant contributions to President Obama's foreign policy priorities including promoting global stability through development and supporting new aid initiatives such as food security and fiscal transparency. For more information on MCC's FY2012 Congressional Budget Justification, click on http://www.mcc.gov/documents/reports/mcc-fy2012-cbj.pdf

-Nisha Noor