In a meeting with journalists, Nepali Prime Minister KP Oli stated that the Millennium Challenge Corporation (MCC) Compact will be ratified at the earliest in the current Parliament session.
The meeting was held at the PM’s residence in Baluwatar on February 4, 2020.
He asserted that the three-member committee will submit a report on the Compact within a week.
Later, when asked about his health, PM Oli said that he will soon undergo kidney transplantation.
“MCC Compact offers a valuable opportunity to Nepal and there is no reason for the country to reject the USD 500 million grant,” PM Oli said.
There are many speculations and criticism about the Compact among the Nepali citizens and political leaders, saying that the conditions in the Compact are against the spirit of the Nepali Constitution.
They exclaimed that MCC is a part of Indo-Pacific Strategy or linked to a military alliance.
Later, the US Embassy in Nepal has published 10 key facts about MCC Compact to clear the confusion about the Compact on January 17, 2020.
The US Government has committed to invest USD 500 million under MCC Compact to fortify Nepal’s economic growth and stability.
Nepal Government has proposed and decided the Electricity Transmission Project and the Transportation Project for MCC program.