PRESS RELEASE
May 7, 2004
Embassy of the Republic of Armenia
2225 R Street, NW, Washington, DC, 20008
Tel: 202-319-1976, x. 348; Fax: 202-319-2982
Email: [email protected]; Web:
Armenia Qualifies for Millennium Challenge Account Funds, More U.S. Aid
The U.S. Millennium Challenge Corporation, that governs the new tool for
U.S. foreign aid process called the Millennium Challenge Account (MCA),
announced on May 6, 2004 that 16 countries, including Armenia, were selected
as potential recipients of MCA funds. The decision on qualifying Armenia and
other countries as a recipient was made based on Armenia’s performance in
three categories of indicators, namely economic freedom and reforms;
governance practices; and commitment to human and social development.
The MCA funds for the Fiscal Year 2004 are over 1 billion dollars, and the
Bush Administration’s request for FY2005 is 2.5 billion dollars. The MCA has
been proposed and established in 2003 to distribute more U.S. foreign aid to
the development and transition countries based on merit criteria, such as
their adherence to conducting economic reforms, implementing sound economic
policies, combating corruption, promoting rule of law, and investing in
country’s human potential, i.e., education and health care. The countries
eligible for MCA in 2004 will still need to present formal programs, called
compacts, to receive the funds; the compacts need to be approved by the
Board of the Millennium Challenge Corporation.
According to Armenia’s Ambassador to the U.S., Dr. Arman Kirakossian,
Armenia’s eligibility for MCA reflects the solid commitment of the people
and the government of Armenia to promote economic growth, reduce poverty,
and continue the democratic transition. “Armenia’s inclusion in this list is
an acknowledgement of the faith our U.S. partners have in Armenia’s ability
to help itself,” Ambassador Kirakossian concluded. “The United States has
helped Armenia’s democratic and economic transition since its independence,”
he noted, “and we are grateful to the American people for their commitment
to helping Armenia build a brighter future.”
For more information on the MCA, visit the Millennium Challenge Corporation’s
website at