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.