U.S. aid agency says may extend funding to Philippines if it can reduce corruption

18:10, June 17, 2010      

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A United States aid agency may consider granting additional funding to the Philippines this year, but challenged President-elect Benigno Aquino III to first demonstrate his political will to fight corruption.

In a statement issued Thursday, the Millennium Challenge Corporation (MCC) said MCC's board, headed by U.S. Secretary of State Hillary Clinton, "reiterated its desire for a commitment by the new administration to the ideals and principles of MCC, including fighting corruption, and to the compact's objectives and implementation."

The statement was issued shortly after the MCC board conducted a review of its the portfolio of investments in low income and lower middle income countries. The board said it expects to consider grant agreements with the Philippines, Jordan, and Malawi in calendar year 2010, and Indonesia, Zambia, and Cape Verde in its calendar year 2011.

The Philippines failed to secure a large-scale grant from the MCC last year due to the long-standing problem of corruption in the government. But the Philippines was re-selected to apply anew for additional funding under the MCC's compact program for its development projects.

The MCC is a U.S. government corporation designed to work with developing countries on Millennium Challenge Account(MCA)-funded programs for economic growth.

Source: Xinhua


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