Millennium Challenge Corporation Candidate Country Reform Act

Bill: 118-s-1240
Sponsor: Sen. Risch, James E. [R-ID]
Introduced: 2023-04-20 in the Senate
Policy area: International Affairs
Subjects: Congressional oversight
Economic development
Foreign aid and international relief
International organizations and cooperation

Summary:
action_date: 2023-04-20
text: 

Millennium Challenge Corporation 
Candidate Country Reform Act

 
This bill modifies the per capita income requirements for countries to be considered candidates for assistance from the Millennium Challenge Corporation (MCC). The MCC program provides assistance to eligible developing countries through a competitive selection process based on various factors, including a country's per capita income, level of economic freedom, and effectiveness of government. 
 
Currently, to be a candidate to receive MCC assistance, the country must have a per capita income not greater than the lower-middle-income country threshold established by the International Bank for Reconstruction and Development (IBRD). Under the bill, a candidate country must instead have a per capita income equal to or less than the World Bank's threshold for initiating the IRDB
 graduation process
. (This graduation process begins when IRDB determines that a country is able to sustain long-term development without further IRDB financing. For 2024, the threshold for initiating discussions about a country's graduation begins when a country exceeds $7,805 in per capita income.) 
 

 

action_date: 2023-05-04
text: 

Millennium Challenge Corporation 
Candidate Country Reform Act

 
This bill modifies the per capita income requirements for countries to be considered candidates for assistance from the Millennium Challenge Corporation (MCC). The MCC program provides assistance to eligible developing countries through a competitive selection process based on various factors, including a country's per capita income, level of economic freedom, and effectiveness of government. 
 
Currently, to be a candidate to receive MCC assistance, the country must have a per capita income not greater than the lower-middle-income country threshold established by the International Bank for Reconstruction and Development (IBRD). Under the bill, a candidate country must instead have a per capita income equal to or less than the World Bank's threshold for initiating the IRDB
 graduation process
. (This graduation process begins when IRDB determines that a country is able to sustain long-term development without further IRDB financing. For 2024, the threshold for initiating discussions about a country's graduation begins when a country exceeds $7,805 in per capita income.) 
 

 


Legislative actions:
action_date: 2023-05-04
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 50.
action_date: 2023-05-04
text: Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
action_date: 2023-05-04
text: Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
action_date: 2023-05-03
text: Committee on Foreign Relations. Ordered to be reported without amendment favorably.
action_date: 2023-04-20
text: Read twice and referred to the Committee on Foreign Relations.
action_date: 2023-04-20
text: Introduced in Senate