Suriname and Belize Cited By U.S. For Lack of Progress On Fiscal Transparency
News Americas, New York, NY, September 18, 2024: Belize and Suriname have been singled out by the U.S. Department of State for failing to make significant progress towards fiscal transparency, according to the recently released 2024 Fiscal Transparency Report. These two nations are the only Caribbean countries that have not made progress in meeting the minimum fiscal transparency standards, a requirement assessed annually by the Department of State, the report said.
The report evaluates governments identified in the 2014 Fiscal Transparency Report to assess their compliance with transparency standards. These include public disclosure of national budget documentation and adherence to clear criteria for contracting and licensing in natural resource extraction.
While countries like The Bahamas, Guyana, Jamaica, and Trinidad and Tobago were praised for meeting the transparency requirements, Belize and Suriname were noted for their shortcomings.
Belize’s ChallengesBelize made strides by publicly releasing its enacted budget, end-of-year report, and debt obligations. The country also ensured that budget information was reliable, with actual revenues and expenditures aligning with the budget. However, the government failed to publish its executive budget proposal within a reasonable time, and while audit institutions were independent, audit reports were not made available promptly.
To improve, Belize must:
Publish its executive budget proposal within a reasonable period.Ensure timely public release of audit reports by its supreme audit institution.
Suriname’s ShortcomingsSuriname made some budget documents accessible, including the executive budget proposal and information on debt obligations. However, the government failed to make its end-of-year report publicly available and did not disclose off-budget accounts, impacting the overall fiscal transparency. Additionally, the country continued to classify loans as revenue, and in the mining sector, the government did not follow its own procedures for awarding natural resource contracts.
Key recommendations for Suriname include:
Publishing the end-of-year report within a reasonable period.Eliminating or auditing off-budget accounts.Adhering to natural resource extraction laws and making contract details publicly available.Both nations must address these deficiencies to meet international standards and improve transparency.