Dhaka, June 13, 2015 – The State Department released the Annual Fiscal Transparency Report 2015 on June 12, 2015. The Department evaluated the public availability, substantial completeness, and reliability of budget information, 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/.
The report describes the minimum requirements of fiscal transparency developed, updated, and strengthened by the Department, reviews those governments that were identified as anticipated recipients of foreign assistance funds in the FY 2014 Fiscal Transparency Report, assesses those that did not meet the minimum fiscal transparency requirements, and indicates whether governments that did not meet those requirements made significant progress towards meeting the requirements during the review period of January 17-December 31, 2014. Because the requirements were strengthened, more governments fell short of meeting the minimum requirements than during the previous assessment, despite in many cases maintaining or even improving their fiscal transparency.
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 debates. Annual fiscal transparency reviews provide opportunities to dialogue with governments on the importance of fiscal transparency.