A four member committee has been appointed to study the Millennium Challenge Corporation (MCC) grant agreement.
Cabinet has approved a proposal by President Gotabaya Rajapaksa to suspend the agreement and appoint a four member committee to study the deal and propose further action.
The four member committee will be headed by Dr. Lalithasiri Gunaruwan.
The Cabinet of Ministers of the former Government had approved the $480 million MCC development assistance grant.
Sri Lanka requested the support, which if approved, will benefit at least 11 million Sri Lankans through the funding of Government- and private sector- identified needs.
The programs supported by the grant will reduce traffic congestion, improve public transportation in Colombo, upgrade provincial roads, and expand existing Government of Sri Lanka initiatives to improve land administration and strengthen the land rights of Sri Lankans.
The United States had denied claims that the US will own any land under the development assistance grant. Sri Lanka will oversee and manage all grant-funded projects throughout the implementation of the five-year grant assistance agreement. (Colombo Gazette)