• Austin Jones

SoshWallet, Governments, And Budget Credibility.

SoshWallet is asking the question, should government spending be transparent? This question will receive different answers if you ask different governments. To the international political community there's hot phrases like Budget Credibility and Budget Transparency.

According to a study by International Budget - 86 percent of countries publish their budget while only 74 percent of countries publish their annual report on the budget. The implications of this show that not all countries disclose their budgets and even less disclose their actual performance on the budget.

"Such lack of transparency undermines the public’s efforts to monitor actual spending and revenue collection, as well as to evaluate budget credibility – the extent to which budget execution follows what was planned and approved." -says the International Budget Partnership, an organization whose sole focus is to make governments more transparent in turn, helping the most underserved of their communities.

Roughly a quarter of involved countries don't disclose their budget credibility, which gets their community less involved and in turn often less benefited by government spending.

When budgets are transparent, the public is allowed to thoroughly interact with their government. The communities needs are likely to be met as underserved communities can interact more with lawmakers and make them adhere to spending on what is planned.

SoshWallet want's to help aid in the task of making governments transparent. If a government were to adopt our platform, all taxpayers would get regulatory oversight of public budgets. We believe this would help the communities who need it most.

"Countries that publish more information on their spending tend to have smaller deviations at the end of a given budget year. Among the 23 countries we looked at, five provided sufficient information on expenditure execution and all but one showed execution rates between 95% and 105%." Suggests the International Budget Partnership.

SoshWallet can help governments be more transparent with their communities and in turn have more budget credibility, meeting the needs of their citizens.