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The Government of the Republic of Serbia

In the service of citizens

Transparent management of state money in Serbia

Belgrade, 28 June 2023

The Ministry of Finance stated today that according to the latest report of the US Department of State, Serbia is a country that transparently manages state money and meets the requirements of fiscal transparency.

The statement of the Ministry of Finance recalls that the US Department of State has been evaluating the fiscal transparency of governments around the world since 2008, analysing the availability of documents and the management of public finances.

The report is published every year after analysing whether the minimum requirements of fiscal transparency are met and whether the documents are publicly available and reliable.

Deputy Prime Minister and Minister of Finance Sinisa Mali said on that occasion that this is good news, which is a confirmation of the reforms implemented so far in the field of public finances.

According to him, this report means that we are recognised as a country whose citizens know how public money is spent and that without it there is no effective management of public finances.

In the report that was published last night, it is stated that fiscal transparency gives citizens an insight into how state and tax revenues are spent and is a critical element of efficient management of public finances.

Minimum transparency, according to this report, means that budget documents are publicly available, content is complete and generally reliable, public debt data is published, as well as the existence of a transparent process for awarding contracts with the government and permits for the exploitation of natural resources.

Fiscal transparency encourages greater government accountability by providing insight into the budget, helps citizens have an accountable government and enables better public debate, the report says.

Increasing fiscal transparency, as assessed, brings clear economic and developmental benefits, providing information to law makers, private markets, the civil sector and citizens participating in financial decision-making.

Governments that have greater fiscal transparency have easier access to loans on domestic and foreign markets, are less susceptible to destabilising debts and deficits, and are better able to deal with risks in the fiscal sphere.

In addition, according to the report, 69 countries, that is, almost half of the observed ones out of a total of 141, did not meet the required criteria and were assessed as insufficiently transparent, the statement added.