The Millennium Challenge Account (MCA) is an innovative foreign assistance program designed to "reduce poverty through sustainable economic growth" in some of the poorest countries in the world. On January 23, 2004, the Millennium Challenge Corporation (MCC) was established as an independent United States Government corporation to administer the MCA. The process of developing a proposal for MCA funding is intensive, rigorous, and likely to take months of cooperative, hard work. The following summarizes MCC expectations and requirements during Compact development and implementation.
Poverty Reduction through Economic Growth: MCC supports programs that focus specifically on reducing poverty by making investments that stimulate sustainable economic growth. MCC believes a country's development is sustainable only if aid is eventually replaced with economic activity and investment led by the private sector. MCC's role is meant to be transformational and transitional as assistance is replaced by private capital flows.
Reward Good Policy: MCC countries are selected to participate based on their performance in governing justly, investing in their citizens, and encouraging economic freedom. MCC believes good policies promote an environment for sustainable economic growth and poverty reduction, and thus for MCC investment.
Partnership and Country Ownership: MCC countries are asked to demonstrate leadership and a high level commitment through full ownership of the MCC Compact process. Working closely with MCC, MCA countries are responsible for identifying the greatest barriers to their own development, ensuring civil society participation, and developing an MCA program.
Focus on Results: MCA assistance goes to those countries that have developed well-designed programs with clear objectives, benchmarks to measure progress, procedures to ensure fiscal accountability for the use of MCA assistance, and a plan for effective monitoring and objective evaluation of results. Programs are designed to enable sustainable progress even after the funding under the MCA Compact has ended.
Armenia is only one of 20 countries that receive assistance from the United States Government through the Millennium Challenge Corporation. Representing the MCC in Armenia are: Alex Russin, Resident Country Director, Myron Hirniak, Deputy Resident Country Director and Edith Petrosyan, Program Manager.
|Alex Russin, Resident Country Director||Myron Hirniak, Deputy Resident Country Director||Edith Petrosyan, Program Manager|