KATHMANDU: A Standing Committee meeting of the ruling Nepal Communist Party (NCP) is underway at the Prime Minister’s official residence in Baluwatar.

The meeting will dwell on the Millennium Challenge Corporation (MCC) Compact, among other contemporary issues, sources said.

NCP leaders have been divided over the MCC issue. The meeting is likely to decide whether or not the government should accept the MCC grant of USD 500 million from the United States.

While Prime Minister KP Oli is in favor of endorsing the MCC Compact through the parliament, party Chairman Pushpa Kamal Dahal is against the idea of endorsing it.

A Central Committee meeting had formed a taskforce to study the MCC after it was disputed in the fourth SC meeting.

The taskforce led by Jhala Nath Khanal with Bhim Rawal, and Pradeep Gyawali as members, had submitted its report by the last week of February.

However, this report is yet to be discussed.

NCP is under pressure since the MCC Compact has to be endorsed through the parliament by June 30 for its implementation.

Earlier, the SC meeting called for May 7 and 14 had been postponed.

On April 22, as many as 20 SC members had written a letter to chairpersons Oli and Dahal urging them to call the SC meeting at the earliest.

The SC meeting has not taken place for the last six months even though it must be held every three months as per the party’s statute.