MCC Board Approves 2 New Compacts and 1 Threshold Program

Today the MCC Board approved two new compacts -- Mozambique and Lesotho -- as Sarah reported yesterday. Together with the Morocco compact expected to be signed at the end of August, the MCC will have approved 14 compacts totaling $4.55 billion.The Board also approved a $6.7 million threshold program to Guyana to help reduce its fiscal deficit by improving its ability to collect revenue and better manage its budget. To date, the MCC has approved 14 threshold programs totaling $317 million.At the end of August, the MCC will have committed $4.9 billion over 14 compacts and 14 threshold programs. Taking out expenses for administrative costs and compact development assistance, the MCC has about $700 million left. Makes the FY08 appropriation very important to the pipeline of eligible countries that have been working hard to get to the finish line.