Disclosing Fiscal Information during COVID-19 - Country Experiences

May 23

iStock.com/marimo

 

Posted by Aura Martinez and Juan Pablo Guerrero[1]

 

COVID-19 has triggered extraordinary fiscal-policy crisis response measures. Throughout the world, established public finance regulations were often by-passed, at the expense of transparency and reporting timeliness. This hampered efforts to track the design and implementation of response measures and analyze policy trade-offs. Evidence indicates that fiscal transparency can enable better intra-agency coordination and informed public participation, improving response efficiency and effectiveness. But such mutually reinforcing conditions have been in short supply during the pandemic.

Building on its Fiscal Data in Emergency Response: Guide for COVID-19, and experiences from the international cooperation community, the GIFT network joined forces with the World Bank and the Europe Foundation to identify fiscal transparency responses that have helped governments move towards a more open, accountable, and inclusive recovery. Some of these good country examples are summarized below.

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