Fiscal transparency

Fiscal transparency refers to public reporting on how governments raise, spend, and manage public resources. More precisely, it includes the timely publication of high-quality information on how governments raise taxes, borrow, spend, invest, and manage public assets and liabilities. It reflects whether the government has a clear and accurate picture of past, present and future state of public finances when making economic decisions, including of the costs and benefits of policy changes and potential risks to public finances.

Fiscal transparency provides oversight institutions such as the parliament, as well as citizens with information they need to hold governments to account. Enhanced fiscal transparency can also assist in strengthening the credibility of a country’s fiscal plans and can also enhance market and public confidence in the government.