Millennium Challenge Agreement Sri Lanka

Indeed, Sri Lanka is often cited as a case study for debt trap diplomacy in the region and the argument that the government should be vigilant in revising the terms of future development agreements is justified. The agreement provides that the projects are expected to benefit some 11 million people over a 20-year period, or about half of the total Sri Lankan population. While it is important for Sri Lanka to consider all the implications related to the application of the MCC pact, it is equally important to consider the benefits that could be lost if the government continued to postpone approval of the agreement. The opposition`s argument that the deal should be frozen until after the elections also carries serious risks of losing the subsidy entirely, given that Sri Lanka was recently listed as an upper middle income. 32 Wignaraja, G. (2019). .

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