Department of State Releases 2024 Fiscal Transparency Report

On September 19, 2024, the United States Department of State released the 2024 Fiscal Transparency Report.  Fiscal transparency is a critical element of effective public financial management, helps build market confidence, and underpins global economic sustainability.  It fosters greater government accountability by providing a window into government budgets and spending.  Fiscal transparency helps citizens hold their elected leaders and public officials accountable and facilitates better-informed public debate.  Annual reviews of the fiscal transparency of governments that are eligible to receive U.S. assistance help ensure appropriate use of U.S. taxpayer funds.

In this year’s report, Department officials found that 72 of 139 governments (and the Palestinian Authority) assessed met the minimum fiscal transparency requirements.  Sixty-eight did not meet the minimum fiscal transparency requirements.  Of these, however, 23 made significant progress toward meeting the minimum fiscal transparency requirements. Consistent with the requirement in the FY 2024 Department of State, Foreign Operations, and Related Programs Appropriations Act, the 2024 report describes the minimum fiscal transparency requirements, reviews governments, most of which were identified as recipients of U.S. assistance in the 2014 Fiscal Transparency Report, and further assesses those that did not meet the minimum fiscal transparency requirements during the review period of January 1 to December 31, 2023.  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 Department also gathered data on how government budgets allocate resources to marginalized communities.  The 2024 review included an additional requirement for the supreme audit institution to have direct access to the entire executed budget.

The report can be found on the Department’s website at https://www.state.gov/reports/2024-fiscal-transparency-report/  and information on the Fiscal Transparency Innovation Fund can be found on the Department’s website at https://www.state.gov/fiscal-transparency-innovation-fund/.    For further information, please contact the Bureau of Economic and Business Affairs’ Fiscal Transparency team at [email protected].