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Millennium Challenge Corporation: Progress Made on Key Challenges in First Year of Operations

GAO-05-625T Published: Apr 27, 2005. Publicly Released: Apr 27, 2005.
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Highlights

In January 2004, Congress established the Millennium Challenge Corporation (MCC) to administer the Millennium Challenge Account. MCC's mission is to promote economic growth and reduce extreme poverty in developing countries. The act requires MCC to rely to the maximum extent possible on quantitative criteria in determining countries' eligibility for assistance. MCC will provide assistance primarily through compacts--agreements with country governments. MCC aims to be one of the top donors in countries with which it signs compacts. For fiscal years 2004 and 2005, Congress appropriated nearly $2.5 billion for the Millennium Challenge Corporation; for fiscal year 2006, the President is requesting $3 billion. GAO was asked to monitor MCC's (1) process for determining country eligibility, (2) progress in developing compacts, (3) coordination with key stakeholders, and (4) establishment of management structures and accountability mechanisms.

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AccountabilityAgency missionsAppropriated fundsAppropriationsDeveloping countriesEconomic developmentEconomic growthEligibility criteriaEligibility determinationsForeign economic assistanceForeign governmentsGrantsInternal controlsInternational agreementsPerformance measuresStrategic planningGovernment agency oversightStakeholder consultations