For Immediate Release
Office of the Press Secretary
February 5, 2003
Message to the Congress of the United States
I am pleased to transmit a legislative proposal to establish the Millennium Challenge Account and the Millennium Challenge Corporation. Also transmitted is a section-by-section analysis.
Millennium Challenge Account and the Millennium Challenge Corporation.
Also transmitted is a section-by-section analysis.
The Millennium Challenge Account (MCA) represents a new approach to
providing and delivering development assistance. This new compact for
development breaks with the past by tying increased assistance to
performance and creating new accountability for all nations. This
proposal implements my commitment to increase current levels of core
development assistance by 50 percent over the next 3 years, thus
providing an annual increase of $5 billion by fiscal year 2006. To be
eligible for this new assistance, countries must demonstrate commitment
to three standards -- ruling justly, investing in their people, and
encouraging economic freedom. Given this commitment, and the link
between financial accountability and development success, special
attention will be given to fighting corruption.
The goal of the Millennium Challenge Account initiative is to
reduce poverty by significantly increasing economic growth in recipient
countries through a variety of targeted investments. The MCA will be
administered by a new, small Government corpora-tion, called the
Millennium Challenge Corporation, designed to support innovative
strategies and to ensure accountability for measurable results. The
Corporation will be supervised by a Board of Directors chaired by the
Secretary of State and composed of other Cabinet-level officials. The
Corporation will be led by a Chief Executive Officer appointed by the
President, by and with the advice and consent of the Senate. This
proposal provides the Corporation with flexible authorities to optimize
program implementation, contracting, and personnel selection while
pursuing innovative strategies.
The Millennium Challenge Account initiative recognizes the need for
country ownership, financial oversight, and accountability for results
to ensure effective assistance. We cannot accept permanent poverty in
a world of progress. The MCA will provide people in developing
nations the tools they need to seize the opportunities of the global
economy. I urge the prompt and favorable consideration of this
legislation.
GEORGE W. BUSH
THE WHITE HOUSE,
February 5, 2003.
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