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GAO-10-797R 1 (2010-07-14)

handle is hein.gao/gaobaantu0001 and id is 1 raw text is: A AO Accountabilty I Integrity * Reliabliity United States Government Accountability Office Washington, DC 20548 July 14, 2010 Congressional Committees Subject: Millennium Challenge Corporation: Summary Fact Sheets for 17 Compacts The Millennium Challenge Corporation (MCC), now in its seventh 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 2010 totaling about $9.5 billion and has set aside about $8.1 billion of this amount for compact assistance. As of June 2010, MCC had signed compacts with 20 countries totaling approximately $7.1 billion; of the 20 compacts, 18 compacts had entered into force, obligating a total of approximately $6.3 billion. The President has requested approximately $1.3 billion in additional funds for MCC for fiscal year 2011, of which MCC plans to use about $1.1 billion for compact assistance to countries currently eligible for compacts. Enclosed are fact sheets for 17 of the MCC compacts that had entered into force as of December 2009.1 The fact sheets summarize each country's * general country characteristics and location, * timeline of key compact events as of June 2010, per capita income relative to MCC income criteria, * performance on MCC's eligibility indicators, * compact characteristics and structure, * compact funding and project allocations as of December 2009, and * planned and actual compact fund disbursements through December 2009.2 1We have not included a fact sheet on the Madagascar compact because, as the result of an undemocratic transfer of power in Madagascar in March 2009, MCC formally terminated the compact effective August 31, 2009. 'The data within the fact sheets reflect the most recent information available on compact modifications and take into account MCC's ongoing planning and disbursement processes. As a result, key compact events are reported as of the end of the third quarter of fiscal year 2010 (June 2010); compact project allocations are reported as of the end of the first quarter of fiscal year 2010 (December 2009); planned actual compact fund disbursements are reported through the end of the first quarter of fiscal year 2010 (December 2009).

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