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Sri Lankan cabinet suspends MCC agreement

Sri Lanka’s cabinet has decided to suspend the signing of the Millennium Challenge Corporation (MCC) agreement, a multi-million dollar American grant.

Minister Bandula Gunawardena announced the decision which was made on the recommendation of a committee appointed to review the agreement.

The committee has reportedly said that although the “MCC proposal includes the ability to raise the financial resources needed for investment in mitigating basic economic constraints of Sri Lanka burdened with debt and lacking capital resources, some of the projects proposed to be included in the program will have significant adverse impacts on the national, social and economic well-being of Sri Lanka.”

In October the previous Sri Lankan government had hailed the securing of the $480 million grant as a victory.

Among shows of opposition to the MCC grant was a short-lived hunger strike undertaken by a Sinhala Buddhist monk during the presidential election campaign in November.

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