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The Millennium Challenge Account : Taking Governance and Growth Seriously

By Hubbard, R. Glenn

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Book Id: WPLBN0000234974
Format Type: PDF eBook
File Size: 0.2 MB
Reproduction Date: 2005

Title: The Millennium Challenge Account : Taking Governance and Growth Seriously  
Author: Hubbard, R. Glenn
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
Publication Date:
Publisher: The World Bank

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Hubbard, R. G. (n.d.). The Millennium Challenge Account : Taking Governance and Growth Seriously. Retrieved from http://hawaiilibrary.net/


Description
Economics

Excerpt
Thank you for the opportunity to share my thoughts with you today. I am particularly pleased that you chose to include a session focused on the Millennium Challenge Account (MCA) in a conference on sustainable development. Regardless of the particular definition of sustainable development one chooses, economics remains at the core. Thus it is important to pay particular attention to those items that can foster sustained economic growth, or whose absence places economic growth at risk. As all of you are well aware, on March 14, President Bush announced the creation of a new program for delivering bilateral assistance from the United States to the least developed countries, the Millennium Challenge Account. The President?s proposal envisions a 50 percent increase in official development assistance by Fiscal Year 2006, when the MCA is fully funded with its annual appropriation of $5 billion. The MCA in no way diminishes our long-standing commitments to humanitarian assistance. Instead, this new program represents an additional source of assistance focused on encouraging and rewarding sound policy decisions that support economic growth and reduce poverty. This morning, I would like to discuss the economic logic underlying the MCA and its role in contributing to the underpinnings of sustained economic growth and development. In the process, I will provide an update on the discussions involving the design of the MCA, and describe the next steps that will be crucial in making sure that the potential of the MCA is fully realized.


 

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