BY THOMAS DIXON (232news.com)
The 2023 United States Fiscal Transparency Report has seen Sierra Leone made significant progress on fiscal Transparency but at the same time the report slammed the Government for using unlawful procedures to award mining and natural resources contracts.
“The government specified in law or regulation but did not appear to follow in practice the criteria and procedures for awarding natural resource extraction licenses and contracts,” the report states.
The Fiscal transparency informs citizens how government and tax revenues are spent and is a critical element of effective public financial management. Transparency provides citizens a window into government budgets and those citizens, in turn, hold governments accountable. It underpins market confidence and sustainability. The Congressionally mandated Fiscal Transparency Report (FTR) is a tool to identify deficiencies and support needed changes
“In the report released in September 2022, 72 countries met minimum requirements and 69 did not. Of those 69, the FTR identified 27 countries that made significant progress towards meeting requirements,” the report highlighted.
Although Sierra Leone did not meet the minimum requirements but it is amongst the 27 countries that made significant progress towards meeting the requirement.
“During the review period, the government made significant progress by making basic information on natural resource extraction awards publicly available. Budget documents and information on debt obligations, including major state-owned enterprise debt information, were widely and easily accessible to the public, including online,” the report revealed about Sierra Leone.
The report continued that the budget was substantially complete and generally reliable and that the Supreme audit institution met international standards of independence, noting that the government’s accounts and made its reports publicly available.
“Sierra Leone’s fiscal transparency would be enhanced by following procedures for awarding natural resource extraction contracts in practice,” the report recommended.
