A first-of-its-kind Citizens Budget has been launched in the Federated States of Micronesia (FSM).
FSM’s Department of Finance and Administration (DOFA) in a statement today said the National Government Fiscal Year 2024 Citizens Budget “is a crucial step of the Simina-Palik administration’s efforts towards putting transparency into action and exercising fiscal responsibility”.
The department said the intention of the Citizens Budget is to present to the public in non-technical language the approved FY2024 Budget.
“The rationale is to increase budget transparency both in regards to what is appropriated and how the budget process works. In this way, the intention of the Citizens Budget is to be both informative and educational,” said DOFA.
The Citizens Budget starts with a brief questions and answers section on how the budget is prepared, approved, and implemented, and explains key budget terms.
“The intention throughout is to inform the public where government money comes from and how government money is spent,” said DOFA.
FSM President Wesley W. Simina highlighted: “We aim to ensure through the budget process that our spending is responsible and linked to the policy priorities of my Administration.” “The preparation and implementation of our Budget is a collective effort that shows the benefits of working together to achieve growth and prosperity today for the benefit of future generations.”
The department said it plans to publish the Citizens Budget annually.
