U.S. officials announced last month that Mongolia has been selected as eligible to develop a second Millennium Challenge Corporation compact to promote the nation’s economic growth and reduce poverty.
Mongolia’s first MCC compact -- a five-year, $285 million infusion of targeted development assistance from the United States -- was concluded in September 2013. The Chief Executive Officer of the MCC, Dana Hyde, informed senior Mongolian officials of Mongolia's repeat selection via phone calls December 12th. The goals and terms of the second compact will be negotiated between the governments of Mongolia and the United States in the coming months.
When considering whether a country should be awarded a second compact, the MCC board of directors considers many criteria, including whether the first compact was implemented effectively, the extent to which democratic policy development and implementation has improved over time, and whether needed sectoral reform has become a national priority.
MCC’s annual policy indicator scorecards are a compilation of each government’s performance statistics measured against internationally accepted standards for ruling justly, fostering economic freedom, and investing in people. This year, Mongolia passed scorecard benchmarks for the majority of indicators.
The United States government, via MCC, looks forward to working with the Government of Mongolia to meet the challenge of translating Mongolia’s continued economic growth into inclusive, poverty-reducing development.
