Mcc Agreement In Sinhala Pdf

Two major arguments have been made against this agreement. The first is that the land project means that the country owned by the Sri Lankan government will be available to the U.S. government for purchase. The second argument is that the GCC agreement is an attempt to undermine Sri Lanka`s national security. While the two claims of MCC Resident Country Director Jenner Edelman (12 years) have been disputed, there remains a suspicion. Indeed, Sri Lanka is often cited as a case study of debt trap diplomacy in the region and it is legitimate to argue that the government should be vigilant in reviewing the terms of future development agreements. However, when verifying publicly available information, the MCC grant does not involve the leasing or transfer of ownership of Sri Lankan land and does not require Sri Lanka to rem pay any of the grant amounts until the agreement is explicitly violated. It is a standard guarantee, characteristic of international assistance agreements, to ensure that subsidies are used exclusively to achieve the pact`s objectives and do not fall into the wrong hands. Other concerns regarding the construction of a physical economic corridor, links to the SOFA and ACSA agreements, the acquisition of Sri Lankan land by the U.S.

government, dumped land transactions, the construction of U.S. settlements and/or military bases, the construction of electric fences and the destruction of the local environment were also confirmed as unfounded in the review of the agreement. The document clearly states that the Sri Lankan government is “the primary responsibility for monitoring and managing implementation” of projects and, before the agreement enters into force, a legal opinion signed by the GA must be sought by Sri Lanka (13). Even after the signing of the agreement, Sri Lanka still has the option of amending the agreement, provided that these amendments do not exceed the funding allowance allocated or extend the grant period by five years. The agreement will not enter into force until it has been submitted to the Sri Lankan Parliament and adopted by Parliament (14), and will provide comprehensive guarantees to ensure that all relevant stakeholders are involved in the approval process. Finance Minister Mangala Samaraweera said there was no doubt that the agreement would not be presented to Parliament before it was signed, saying that Parliament could not debate an unsigned document. The opposition`s argument that the agreement should be suspended until after the elections also carries a serious risk of a total loss of the subsidy due to Sri Lanka`s recent demotion to higher middle-income status. While it is important for Sri Lanka to consider all the modalities of implementation of the pact, it is equally important to consider the benefits that could be lost if the government continued to delay the approval of the agreement.

At no cost to Sri Lanka`s Ministry of Finance, the pact offers a rare opportunity for Sri Lanka to tackle some of its key infrastructure problems and create binding barriers to growth. With a current public debt ratio of 82.9% (16), the Ministry of Finance cannot afford to address these problems alone, and subsidies such as the CCC will be more difficult to obtain with Sri Lanka`s new income status. Whatever government is in power next year, Sri Lanka should not pass up this opportunity. (The author is a research analyst at the Advocata Institute, whose research focuses on public policy and governance.