The International Budget Partnership has released the 7th edition of the Open Budget Survey 2019. The survey was conducted by the International Budget Partnership as a part of its Open Budget Initiative. The Open Budget Index 2019 was also the part of the Open Budget Survey 2019. The Open Budget Index 2019 was topped by New Zealand, followed by South Africa at 2nd position while Sweden took the 3rd position. India was placed at 53rd position in the index. The index measured the budget transparency of the 117 countries.
About International Budget Partnership:
The International Budget Partnership is an independent nonprofit corporation which is governed by a Board of Trustees. It emphasizes on the government budgets as they are at the core of development. It partners with civil society around the world to use budget analysis and advocacy as an instrument to enhance effective governance as well as to decrease poverty. Hence it makes public finance systems all over the world more transparent and accountable through its work.
- Want To Get Job-Ready Before Lockdown Ends? Here’s What To Do
- WARRIOR | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams
About “Open Budget Survey 2019”:
The Open Budget Survey is part of the International Budget Partnership’s Open Budget Initiative. It is a global research and advocacy plan to encourage public access to budget details as well as the adoption of accountable budget systems. The results of the Open Budget Survey comprises of country-specific conclusions and suggestions on budget transparency, public participation, and oversight. The Open Budget Survey points to weak transparency and oversight of government spending, and comprises of Open Budget Index which reflects a country’s budget transparency score and analyses the public’s access to information on how the central government raises and expends public resources.
Open Budget Index 2019:
In Open Budget Survey 2019, every country is given a score ranging from 0 to 100 based on the simple average of the responses to 109 questions reflecting an assessment of 8 key budget documents that should be accessible to the people of country during the budget cycle. The simple average of the responses to 109 questions results in a global ranking of budget transparency called the Open Budget Index with “Open Budget Survey” budget transparency score. In OBS 2019, the global average transparency score was 45 out of 100, stating that score of around 75% of the surveyed countries lying at insufficient levels.
|What is a Debenture?||Credit Rating Agencies in India||IMF releases “World Economic Outlook”|
Key Results of the Index:
The Open Budget Index 2019 was topped by New Zealand with a budget transparency score of 87 out of 100. South Africa was on 2nd position with a budget transparency score 87 followed by Sweden scoring 86 out of 100. Mexico was on the 4th position in index with a score of 82, followed by Georgia finishing 5th in the list after scoring 81 out of 100. India was placed at 53rd position in the index with a budget transparency score of 49 out of 100.
The Open Budget Survey 2019 found a modest improvement in budget transparency all around the world, which is consistent as compared to the overall trend calculated by the survey over the past decade. According to the findings of OBS 2019, the global average was slightly ahead of the OBS 2015 levels, indicating it as the highest measured global level of budget transparency since the launch of the survey in 2006.