By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
For the first time in five years, The Bahamas is among some 70 countries that have met fiscal transparency requirements, according to a US Department of State 2023 Fiscal Transparency Report on public financial management accountability.
The report, released on Tuesday, indicated that of the 140 governments evaluated, 72 met the minimum requirements, including the Bahamas. It is the first time since 2018 that the Bahamas was “deemed fully compliant.”
In conducting the 2023 review, the department assessed the fiscal transparency of governments during the review period of January 1 – December 31, 2022.
The US. Embassy’s Nassau Economic and Commercial Officer Ricky Wesch commended the Bahamas on its achievement.
“The Office of the Auditor General has made significant strides to comply with domestic reporting commitments as well as international standards,” he said. “We congratulate The Bahamas on this achievement which required making key budget documents publicly available, ensuring they were substantially complete and generally reliable; publishing government debt data on a public-facing website; and institutionalising the timely publication of audits.”
He further stated: “The US government has been proud to partner with The Bahamas in promoting transparency by providing almost $450,000 in financial, technical, and advisory support to the Office of the Auditor General. This includes support from the U.S. General Accountability Office to conduct a needs assessment, provide training, and update auditing processes to comply with international standards.”
The report outlines any significant progress made to publicly disclose national budget documentation, contracts, and licenses, and provides specific recommendations that governments should take to improve fiscal transparency.
Auditor General Terrance Bastian stated that the government has been working on implementing the Public Finance Management Act of 2023, which will improve processes and add power to the Office of the Auditor General.
“This will help us with our goal of maintaining the transparency that’s a part of good governance,” he said.
Mr Bastian said that the trust of citizens is also important.
“Taxpayers want the assurance that funds are being used for their intended purposes. It's important to improve the way we do things. There are always new rules, new standards, and new guidelines that we need to adopt,” he stated.
The Bahamas' success in promoting fiscal transparency is featured on the U.S. Department of State’s ShareAmerica web page.
Comments
mandela 1 year, 5 months ago
That's going in the right direction.
killemwitdakno 1 year, 5 months ago
"This includes support from the U.S. General Accountability.". That's incredible.
Sickened 1 year, 5 months ago
I'm confused about the timely audits statement. They surely don't mean government agency audits do they???
John 1 year, 5 months ago
Highly unusual coming from the US State Department after years of hostility and attempting to sabotage our economy and tourism industry. They trying to be friends now ay? After all their affluent allied countries abandoned them and the US dollar as the medium of exchange and left them ,almost alone, to support the war in Ukraine without even trying to bring it to an end. The Bible says whenever I deliver you from your enemies, you keep going back to them. . ◄ Exodus 23:27 ► Context Crossref Comm Hebrew Verse (Click for Chapter) New International Version “I will send my terror ahead of you and throw into confusion every nation you encounter. I will make all your enemies turn their backs and run.
TalRussell 1 year, 5 months ago
Are Rideshare operators moving about Nassau Town with --- Drivers' and Vehicles --- Licensed, Insured, Regulated --- Even legal – 'Aye.' 'Nay?'
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