Last night, we told you how a delegation from the US Government's Millennium Challenge Corporation is in Belize on a short official visit. They are here to engage the government, civil society organizations, and members of the private sector on a new poverty reduction intervention that will focus on Belize.
As we told you, MCC is an independent U.S. foreign assistance agency that seeks to help lead the fight against global poverty. Their board of directors has selected Belize as one of two countries to develop and fund poverty reduction programs in 2022.
The MCC wants to work with the Belize Government for a five-year, government-to-government grant to fund a program aimed at reducing poverty and stimulating economic growth. That program is called an MCC compact, and it will fund specific projects targeted at reducing poverty and stimulating economic growth. As part of that compact, a detailed study called a "Constraints to Economic Growth Analysis", is already being done. As soon as it is completed, the MCC team will work with the government to understand the underlying root causes of two or three of the identified constraints.
As we showed you, the Chief Executive Officer of MCC, Alice Alright, yesterday signed an initial agreement with Prime Minister John Briceno for 1.5 million Belize dollars. These funds will ensure that the Government and MCC have early access to the technical expertise needed to conduct a rigorous assessment of the country's economic situation.
As part of their introduction to the Belizean public, the delegation from the Millennium Challenge Corporation hosted a press conference this morning in Belize City, and 7News attended. Here's what the CEO had to say about how this poverty reduction program is expected to work:
The press also asked the MCC Representatives to explain why Belize was selected. Here is their answer to that inquiry:
The MCC representatives stressed the development of this compact is a rigorous and extended process. Detailed studies have to be conducted, and the development of the company can take as much as 2 or 3 years.
