Bangladesh has not met the minimum requirements of fiscal transparency to enable meaningful public participation in budgeting processes despite making significant progress, said the US Department of State's 2022 Fiscal Transparency Report.

The minimum requirements include having key budget documents that are publicly available, substantially complete and generally reliable and transparency in the natural resource extraction contracting and licensing procedures.

Of the 141 countries (and the Palestinian Authority) evaluated, the governments of 72 met the minimum requirements and those of 69 fell short.

"A finding that a government does not meet the minimum requirements of fiscal transparency does not necessarily mean there is significant corruption in the government," the report said.

In South Asia, Bangladesh, Pakistan, Afghanistan and the Maldives failed to meet the minimum requirements.

Of the 69, 27 -- including Bangladesh -- made significant progress toward meeting the minimum requirements of fiscal transparency, said the report, which is published every year since 2008.

The review, which is based on full-year data from 2021, found the budget documents in Bangladesh were not prepared according to internationally accepted principles.

The government's supreme audit institution reviewed the public accounts, but its reports did not contain substantive findings and were not made publicly available within a reasonable period, it said.

Besides, the supreme audit institution did not meet international standards of independence. 

The basic information on natural resource extraction awards was not consistently made publicly available by the Bangladesh government, it said.

Subsequently, the report called for making basic information about natural resource extraction awards publicly and consistently available and publishing timely audit reports that contain substantive findings, recommendations and narratives.

Bangladesh's fiscal transparency would be improved by preparing budget documents according to internationally accepted principles and ensuring the supreme audit institution meets international standards of independence and has sufficient resources.

During the review period, the government made significant progress by publishing its end-of-year report within a reasonable period.

It also made its executive budget proposal and enacted budget widely and easily accessible to the public, including online.

Information in the budget was considered generally reliable.

Budget documents provided a reasonably complete picture of the government's planned expenditures and revenue streams, including natural resource revenues.  Financial allocations to and earnings from state-owned enterprises were included in publicly available budget documents.

Information on debt obligations was publicly available.

The government appeared to follow in practice the criteria and procedures for awarding natural resource extraction contracts and licences as specified in law or regulation.