All governments that receive US foreign assistance must undergo a fiscal transparency assessment.
As a recipient of US foreign assistance, the Government of The Gambia has been congratulated for being one of seventy-two (72) governments that meet the minimum requirements for fiscal transparency in the 2022 report.
The assessment includes ensuring that the publication of key budget documents be publicly accessible, substantially complete, and generally reliable; publish data on public debt, including state-owned companies; maintain independent and effective supreme audit institutions; maintain transparent processes for awarding government prizes for natural resource extraction; and, where appropriate, guarantee the sound legal structure and transparency of the sovereign wealth fund.
Fiscal transparency is a critical element of effective public finance management, helps build market confidence, and underpins economic stability and sustainability.
Transparent tax systems provide information to legislatures, private markets, civil society, and citizens who have a stake in financial decision-making processes and equip them with the information necessary to promote and promote economic growth and development.
It should be noted that the report does not purport to cover all aspects of fiscal transparency.
For example, the report does not currently assess the transparency of most public procurement procedures, nor does it assess how closely the government consults with civil society in budget development.
The report also fails to assess the presence of corruption or the overall quality of a government’s fiscal policy.
Additionally, the applicable law requires that the minimum fiscal transparency requirements continue to be updated and reinforced annually.
The criteria applied to perform this year’s evaluations may change in future years’ evaluations.
The determinations may change in future reports due to the updating and strengthening of the minimum fiscal transparency requirements as required by law, changes in the performance of governments in public fiscal management or new information that comes to the attention of the Department.