Egypt ranks 1st in Middle East in open budget according to Global Barometer Index

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Mon, 30 May 2022 - 05:44 GMT

BY

Mon, 30 May 2022 - 05:44 GMT

A general view of clustered buildings in Cairo, Egypt, January 28, 2018. REUTERS/Mohamed Abd El Ghany

A general view of clustered buildings in Cairo, Egypt, January 28, 2018. REUTERS/Mohamed Abd El Ghany

CAIRO - 30 May 2022: Egypt ranked first in the Middle East in the open budget for public financial data, according to the Global Barometer index.
 
The Global Barometer index is a new platform that includes a number of regional institutions and objective partners, who seek to assess the availability of data, governance and capacity.
 
This collaborative project was achieved by standardizing databases on these topics by the United Nations Population Fund - UNFPA, the Global Initiative for Financial Transparency - GIFT, and the International Budget Partnership - IBP, in cooperation with the World Bank and the Organization for Economic Cooperation and Development - OECD.
 
In a statement, Minister of Finance Mohamed Maait confirmed that Egypt succeeded in winning first place in the Middle East in the Barometer index, which is a specialized questionnaire designed and compiled collaboratively by the United Nations Population Fund - UNFPA and the Financial Transparency Initiative of the Global Initiative - GIFT, the International Budget Partnership- IBP, in collaboration with the World Bank and the Organization for Economic Co-operation and Development- OECD, into a consolidated database with the goal of providing data needed for pressing issues and assessing countries around the world on a set of robust benchmarks focused on data for the public good, provided that this is in the form of a time-series database that is repeated every two years.
 
He said that the Global Barometer index for the availability of public financial data helps decision makers to reduce risks resulting from global challenges, explaining that both the “Global Barometer” index and the “Budget Transparency” indicator, according to the International Budget Partnership - IBP, in addition to all other cooperative platforms. Like the United Nations Population Fund - UNFPA, and the Global Initiative's Financial Transparency - GIFT, they are independent and specialized in budget transparency.
 
He pointed out that both the Global Barometer and the Budget Transparency Index benefit major research centers and credit rating agencies, as it’s a strong indicator that reflects the degree of safe investment for the country, as well as the role of each of them in disclosing the state's financial and tax policies; This helps investors to develop their future plans, facilitates access to the financial policies of the Egyptian economy, and stimulates the investment climate, as transparency is linked to low rates of corruption, and it has a direct relationship with improving economic and social development indicators, and improving economic competitiveness, and it is one of the tools to enhance the efficiency of the implementation of financial policies as well.
 
 
 

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