United States welcomes MCC ratification
KATHMANDU: FEB. 28 – The United States welcomes the ratification of the MCC agreement. The United States welcomes the $500 million Millennium Challenge Corporation’s (MCC) Nepal Compact approval from Parliament.
Within hours of the approval on Sunday, the US Embassy in Kathmandu issued a statement stating that more jobs would be created for Nepalese citizens, electricity supply would be increased, and transportation costs would be reduced. The decision to approve or reject the MCC Compact has always been in the hands of the Government of Nepal as a sovereign democracy, according to the statement.
The decision of the parliament to approve the compact by fulfilling the signed commitment will result in more jobs for Nepalis, an increase in the supply of electricity, and a reduction in transportation costs.
MCC compacts have helped alleviate poverty around the world since their inception nearly 20 years ago. “The MCC concludes compact agreements with a number of developing nations on good governance, including economic freedom, investment in its citizens and the promotion of democratic principles, and the fight against corruption,” the statement said.
The embassy also states that the US stands with Nepal in the midst of the massive and catastrophic changes that have occurred in Nepal over the last 75 years of diplomatic relations between the two countries. “The relationship between the United States and Nepal is much broader than an agreement. We will continue to support Nepal and Nepal’s democratic values and long-term economic prosperity, “the statement said.
