News Americas, New York, NY, September 18, 2024: Belize and Suriname have been singled out by the US State Department for failing to make significant progress toward fiscal transparency, according to the recently released Fiscal Transparency Report 2024. These two nations are the only Caribbean countries that have not made progress in meeting minimum standards of fiscal transparency, a requirement assessed annually by the State Department, the report said.
The report evaluates governments identified in the 2014 Fiscal Transparency Report to assess their compliance with transparency standards. These include the public disclosure of national budget documentation and the observance of clear criteria for contracting and licensing in the extraction of natural resources.
While countries such as the Bahamas, Guyana, Jamaica and Trinidad and Tobago were praised for meeting transparency requirements, Belize and Suriname were singled out for their shortcomings.
Belize Challenges
Belize took steps forward by publicly releasing the approved budget, year-end report and debt obligations. The country also ensured that budget information was reliable, with actual revenues and expenditures in line with the budget. However, the government failed to publish its executive budget proposal within a reasonable time, and while the audit institutions were independent, the audit reports were not immediately available.
To improve, Belize must:
To publish the executive budget proposal within a reasonable period.
Ensure timely publication of audit reports by the supreme audit institution.
Shortcomings of Suriname
Suriname made accessible several budget documents, including the executive budget proposal and information on debt obligations. However, the government failed to make its year-end report public and did not disclose off-budget accounts, affecting overall fiscal transparency. Also, the country continued to classify loans as revenue, and in the mining sector, the government did not follow its own procedures for awarding contracts for natural resources.
Key recommendations for Suriname include:
Publication of the year-end report within a reasonable period.
Elimination or audit of off-budget accounts.
Complying with natural resource extraction laws and making contract details available to the public.
Both countries must address these shortcomings to meet international standards and improve transparency.
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