The State Department, on September 12, 2017, released the 2017 Fiscal Transparency Report (the Report) consistent with section 7031(b) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2017 (Div. J, P.L.115-31) (“the Act”). The Report found that 73 of 141 governments reviewed by the Department met minimum requirements of fiscal transparency. The report identified eleven governments found not to meet minimum requirements, but which had made significant progress toward meeting minimum requirements.
The Department evaluated the public availability, substantial completeness, and reliability of budget documents, as well as the transparency of processes for awarding government contracts and licenses for natural resource extraction. The Report can be found on the Department’s website at http://www.state.gov/e/eb/ifd/oma/fiscaltransparency/.
Fiscal transparency is a critical element of effective public financial management, helps in building market confidence, and underpins economic sustainability. It fosters greater government accountability by providing a window into government budgets for citizens, helping citizens to hold their leadership accountable and facilitating better-informed public debate.