Fiscal transparency practice, challenges, and possible solutions: lessons from Covid 19

IMPACTThe extraordinarily fast-paced growth in government spending during Covid 19 highlights the need for effective measures to ensure fiscal transparency during emergencies. Governments must improve emergency fiscal transparency by disclosing more detailed information on the types and conditions of funding sources, extra- and off-budget revenue sources, and recipients and impacts of spending. Institutional procedures should be established to safeguard fiscal transparency during emergencies, and to increase the effective involvement of legislatures, auditing agencies, and citizens in the management of fiscal rescue packages.