Kiribati Government Commits to Strengthen Fiscal Transparency and Accountability

The government of Kiribati has taken a significant step towards promoting transparency and accountability in its financial management by announcing a new fiscal reporting policy.

Improved Transparency and Accountability

Under the new policy, the government will publish a range of reports, including:

• Annual and half-yearly budget statements
• Quarterly budget performance reports
• Audited financial reports for extra-budgetary funds and entities

These reports will provide detailed information on the government’s income and expenditure, as well as its debt and outstanding balance. This increased transparency is expected to improve accountability in the government’s financial management by providing citizens with a clearer picture of how their taxes are being spent.

Phased Implementation

The policy will be implemented in three phases over the next two years:

• Phase 1: Budget statements and reports
• Phase 2: In-year budget execution reports
• Phase 3: Audited financial reports for extra-budgetary funds and entities

Welcomed by Civil Society

The policy has been welcomed by civil society groups, who have long advocated for greater transparency and accountability in the government’s financial management.

“This is a major victory for transparency and accountability in Kiribati,” said the Director of a local non-governmental organization. “We hope that this policy will lead to greater trust between the government and citizens, and to better decision-making by policymakers.”

Implementation and Oversight

The implementation of the fiscal reporting policy will be overseen by the Ministry of Finance and Economic Management (MFED), which will work closely with other government agencies and stakeholders to ensure its successful implementation.

Promoting Good Governance and Economic Stability

In addition to improving transparency and accountability, the policy is also expected to promote good governance and economic stability in Kiribati. The government’s commitment to fiscal transparency and accountability sends a positive signal to international donors and investors, and helps to build trust between the government and its citizens.

“We are committed to promoting transparency and accountability in our financial management,” said the Finance Secretary of Kiribati. “This new policy is an important step towards achieving this goal, and we are confident that it will benefit both our citizens and the country as a whole.”