Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: A few hours after the House of Representatives ratified the $500 million-dollar Millennium Challenge Corporation (MCC) Nepal Compact, the US Embassy in Kathmandu welcomed the decision of the parliament.
Today’s decision by Parliament to follow through on its signed commitment and ratify the compact will mean more jobs for the Nepali people, a reliable supply of electricity, and lower transportation costs, read a statement issued by the US embassy Sunday night.
“The Government of Nepal signed the MCC agreement in 2017 after determining its goals to modernize Nepal’s energy and transportation sectors with the hope of helping more than 23 million Nepalis. The Nepali government will now be able to continue to work towards implementing the five-year program,” the Embassy said.
The statements further said, ‘The decision whether to ratify the $500 million-dollar Millennium Challenge Corporation (MCC) Nepal Compact has always rested with the Government of Nepal as a sovereign democratic nation. Today’s decision by Parliament to follow through on its signed commitment and ratify the compact will mean more jobs for the Nepali people, a reliable supply of electricity, and lower transportation costs.’
‘In the nearly 20 years since its inception, MCC compacts have helped alleviate poverty around the world by forming partnerships with developing countries who are committed to economic freedom, investing in their citizens, and good governance, including promoting democratic principles and combatting corruption.’
“This year marks the 75th year of diplomatic relations between Nepal and the United States. During these 75 years, Nepal has seen monumental and incredible changes. We have stood with Nepal through these changes and supported the country with development aid, disaster response and preparedness assistance, health, and education programs, and more. The United States’ relationship with Nepal is broader than one agreement and we will continue to support the country and its democratic values and long-term economic prosperity,” US Embassy said.
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