CGD Policy Blogs
Like last year, President Bush requested $3 billion for the Millennium Challenge Account in his FY07 budget request. Many MCC champions will disappointed that the President didn't ask for the $5 billion he said he would by now when he first launched the MCA. And, like last year, the $3 billion request is very likely to be slashed by Congress.
On Friday, Merck received FDA approval for its new oral rotavirus vaccine, RotaTeq, and will begin domestic distribution within a week. At a cost of $187.50 for the three-dose series, RotaTeq is one of the most expensive vaccines to date; by 2009, the company forecasts that the vaccine could bring in as much as $500 million in annual revenue.
According to the New York Times:
What a difference a year can make! Davos 2005 had Bono and Sharon Stone among other glitterati talking about global poverty and global health, and featured at least three crowded plenary sessions on Africa, aid, AIDs, malaria and more -- with Tony Blair, Gordon Brown, Bill Gates and Jeffrey Sachs. It was 2005: the year of development announcements and commitments.
Dozens of people packed a previously undisclosed location (The Diner in Adams Morgan) last night for our third annual State of the Union BINGO game. Joining CGD staff was an avowedly wonkish crowd that included people from such organizations as the U.S.
In my first dispatch from Davos, I observed that the atmosphere was upbeat. The business community is not worrying much about the dark predictions of the past year. There is, after all, still no collapse of the dollar despite the U.S. trade deficit; interest rates and inflation worldwide are low, and oil price increases are being easily absorbed. India and China are emerging as the new engines of growth and symbols of why market economies work.
You will recall my earlier posting on the MCC's decision to approve a compact with Armenia despite what looked like a downward trend in "ruling justly" indicators.
Yesterday, the MCC Board of Directors approved a five-year approximately $307 million Compact with Benin, more than half of which goes to revamping the Port of Cotonou. On the heels of the MCC's experience with approving Armenia's compact amid what still look like slippages in "ruly justly" criteria, MCC CEO Danilovich appears to place conditions on the Benin approval: