KATHMANDU, Nov 4: The U.S. Government’s Millennium Challenge Corporation (MCC) released its fiscal year 2017 scorecards this week – a key component in the agency’s annual competitive selection process that determines which countries is eligible to receive MCC development funds.
Out of the 82 countries MCC created scorecards for, 33 countries passed the set target this year while 49 failed to make it. To pass, a country must perform above the average performance of countries in its developmental peer group. Overall, Nepal passed 16 out of 20 indicators like last year, according to a press release issued by the Kathmandu-based US embassy.
However, this year it failed to perform as good as other comparable countries did in the Government Effectiveness indicator, while it improved in the Regulatory Quality indicator, the statement said, adding that MCC’s Board of Directors will still need to re-select Nepal for potential funds based on its scorecard performance and relevant supplemental information. To be considered eligible for MCC funds, countries must first pass MCC’s scorecard – a collection of 20 independent, third-party indicators that measure a country’s policy performance in the areas of economic freedom, investment and justice.
The MCC is an independent U.S. Government agency working to reduce global poverty through economic growth. Formed in 2004, MCC provides time-limited grants and assistance to select developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights.