All governments receiving U.S. foreign assistance are required to undergo a fiscal
transparency assessment. As a beneficiary of U.S. foreign assistance, the government of the
Gambia has been complimented for being one of the seventy-two (72) governments
assessed as meeting the minimum fiscal transparency requirements in the 2022 report. The
assessment includes ensuring the publication of key budget documents to be publicly
accessible, substantially complete, and generally reliable; publishing government debt data
including State-owned Enterprises; maintaining independent and effective supreme audit
institutions; upholding transparent processes for awarding government natural resource
extraction awards; and where relevant, ensuring the sound legal structure and transparency
of sovereign wealth fund.
Fiscal transparency is a critical element of effective public finance management, it helps
build market confidence, and underpins economic sustainability and stability. Transparent
fiscal systems provide information to legislatures, private markets, civil society, and citizens
that have a stake in the financial decision-making processes and equip them with the
information necessary to advocate for and foster economic growth and development.
It should be noted that the report does not attempt to cover all aspects of fiscal
transparency. For example, the report does not currently assess the transparency of most
government procurement procedures or assess how closely the government consults with
civil society in developing the budget. Nor does the report assess the presence of corruption
or the overall quality of a government’s fiscal policy.
Additionally, applicable law requires that the minimum requirements of fiscal transparency
continue to be updated and strengthened annually. Criteria applied in conducting this year’s
assessments may change in future years’ assessments. Determinations may change in future
reports due to updating and strengthening minimum requirements for fiscal transparency as
required by law, changes in performance by governments on public fiscal management, or
new information coming to the Department’s attention.
The United States applauds The Gambia for having met the requirements for this 2022
report and looks forward to a continuing partnership to help advance both economic
transparency and overall prosperity.
Source: Extract from 2022 Fiscal Transparency Report
UNITED STATES EMBASSY COMPLIMENTS THE GAMBIA ON FISCAL TRANSPARENCY REPORT
