Fiscal Transparency Report
Fiscal transparency fosters greater government accountability by providing a window into government budgets for citizens, helping citizens hold their leadership accountable, and facilitating public debate. Fiscal transparency represents a critical aspect of effective public financial management, builds market confidence, and underpins economic sustainability. Improving fiscal transparency has clear economic and development benefits. Transparent fiscal systems provide information to legislatures, markets, civil society, and citizens that have a stake in fiscal decision making processes. Governments that operate with greater fiscal transparency enjoy better access to domestic and international credit markets, are less prone to destabilizing debts and deficits, and are better able to address fiscal risks. Fiscal transparency facilitates international observation of fiscal developments and helps mitigate the contagion effects of economic shocks.
Since 2008, the State Department has conducted fiscal transparency reviews of governments receiving bilateral allocations of assistance funded under the State Department Foreign Operations, and Related Programs Appropriations Acts. Since fiscal year 2012, the Department has annually published fiscal transparency reports, as required by annual appropriations acts. The release of the report is an opportunity for citizens to consider their government’s level of and approach to fiscal transparency, and to engage in discussion of how to improve budget transparency, public participation in the budget process, and fiscal policy.