Of the 141 countries evaluated, the governments of 72 countries met minimum requirements of fiscal transparency in 2022, says the report, which was released Tuesday.
Sixty-nine countries did not meet the minimum requirements of fiscal transparency, the document underlines.
In its report, 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.
Fiscal transparency is a critical element of effective public financial management, helps build market confidence, and underpins economic sustainability. It fosters greater government accountability by providing a window into government budgets spending, which helps citizens hold their elected leaders and public officials accountable and facilitates better-informed public debate.
