Wednesday, April 17, 2024
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HomeNewsCaribbean NewsUS Department of State releases annual fiscal transparency report

US Department of State releases annual fiscal transparency report

WASHINGTON, USA – On June 15, 2020, the United States Department of State released the 2020 Fiscal Transparency Report, which found that 76 of 141 governments reviewed by the Department met minimum requirements of fiscal transparency. Fourteen of the 65 governments that did not meet minimum requirements made significant progress during the review period.

Fiscal transparency is a critical element of effective public financial management, helps build private market confidence, and underpins economic sustainability. It fosters greater government accountability by providing a window into government budgets for citizens, helping citizens hold their leadership accountable, and facilitating better-informed public debate. Annual fiscal transparency reviews provide opportunities to engage in dialogue with governments on the importance of fiscal transparency.

The report describes the minimum requirements of fiscal transparency, reviews 141 governments, and further assesses governments that did not meet the minimum fiscal transparency requirements during the review period of January 1 – December 31, 2019. The report also indicates whether governments that did not meet those requirements made significant progress to publicly disclose national budget documentation, contracts, and licenses during the review period. The Department of State evaluated the public availability, substantial completeness, and reliability of budget documents, as well as the transparency of processes for awarding government contracts and licenses.

The report can be found on the Department’s website at https://www.state.gov/fiscal-transparency-report.

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