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GAO-08-1145R 1 (2008-09-26)

handle is hein.gao/gaobaankh0001 and id is 1 raw text is: im Am,GA 0 T E IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 September 26, 2008 Congressional Committees Subject: Millennium Challenge Corporation: Summary Fact Sheets for 11 Compacts Entered into Force The Millennium Challenge Corporation (MCC), now in its fourth year of operations, is to provide aid to developing countries that have demonstrated a commitment to ruling justly, encouraging economic freedom, and investing in people. MCC provides assistance to eligible countries through multiyear compact agreements to fund specific programs targeted at reducing poverty and stimulating economic growth.' MCC has received appropriations for fiscal years 2004 through 2008 totaling more than $7.5 billion and has set aside about $6.4 billion of this amount for compact assistance.2 As of August 2008, MCC had signed compacts with 18 countries totaling approximately $6.3 billion; of the 18 signed compacts, 11 compacts had entered into force, obligating a total of approximately $3 billion. The President has requested an additional $2.225 billion for MCC for fiscal year 2009, of which MCC plans to use $1.88 billion for compact assistance to countries currently eligible for compacts. Enclosed are fact sheets for the 11 MCC compacts that had entered into force as of August 2008. The fact sheets summarize each country's general characteristics and location, * timeline of key compact events, 1The Millennium Challenge Act of 2003 (Public Law 108-199, Division D, Title VI) authorizes MCC to provide assistance to countries that enter into public compacts with the United States. MCC has negotiated compacts with countries that contain agreed upon assistance objectives, responsibilities, implementation schedules, expected results, and evaluation strategies. The act stipulates that a compact may not last longer than 5 years and that MCC may have only one compact with a country at a time. 'About $1 billion has been set aside for MCC's threshold country program, administrative expenses, due diligence, monitoring and evaluation, and other costs. MCC's threshold program is designed to assist countries that have not yet qualified for compact assistance, but have demonstrated a significant commitment to improve their performance on MCC's eligibility criteria. 3After compact signature, MCC and the country's accountable entity must complete supplemental agreements, including a disbursement agreement and a procurement agreement, before the compact enters into force and funds are disbursed. Five additional MCC compacts entered into force in September 2008. The entry-into-force of these five compacts, with Lesotho, Mongolia, Morocco, Mozambique and Tanzania, occurred too late for them to be included in these fact sheets. With these additional five compacts, MCC has obligated a total of approximately $5.5 billion as of the end of September 2008. GAO-08-1145R MCC Compact Fact Sheets

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