Making Public Money Work for All

Lessons and New Directions from 20 years of the Open Budget Survey
June 23, 2026
10:00 am – 11:30 am EDT

In-person Event

1400 16th Street, NW
Conference Center
Washington, DC 20036

Co-organized by

What does it take for public money to truly serve people?
 

On June 23, the International Budget Partnership and the University of Notre Dame’s Keough School of Global Affairs brought together leaders from academia, international institutions, philanthropy, government, and civil society to mark 20 years of the Open Budget Survey and to look ahead at what it will take to make fiscal accountability deliver for everyone. 

Twenty years of data show that governments are publishing more budget information than ever before. Global transparency scores have risen 29% since 2008, and nearly every region has made gains. But as the convening made clear: disclosure alone is not enough. The harder challenge — ensuring that public money is raised fairly, spent as promised, and reaches the people who need it most — remains unfinished. 

The event was opened by Chigomezgo Mtegha-Gelders, Head of Public Financial Management and Macroeconomics at the UK Foreign, Commonwealth & Development Office, who set the stage for the day’s discussions on why fiscal accountability matters for development outcomes. 

The task ahead is different from the task 20 years ago. In a more contested fiscal world, the question is no longer simply whether governments publish more information. The question is whether fiscal openness is strong enough to support accountability, credibility, and trust when public choices are hardest. The Open Budget Survey remains valuable not just as an index, but as a platform for change—bringing governments, oversight institutions, civil society, and citizens together around a shared diagnosis of strengths, gaps, and reform priorities.

Rodrigo Valdés, Director of the Fiscal Affairs Department at the International Monetary Fund, delivered the keynote address, putting emphasis on why fiscal transparency is more than a governance principle and how it is a core fiscal policy tool that supports better decisions, stronger institutions, and public trust. Allowing greater scrutiny of fiscal risk information is essential. He also emphasized the important role of independent fiscal councils and other key oversight bodies. 

The quality, accessibility, and usability of information are just as important as the volume of information released. The next frontier is to make transparency more actionable. Digital tools, modern public financial management systems, and stronger partnerships with civil society and fiscal institutions can help transform data into meaningful public understanding and engagement.

International Budget Partnership’s Executive Director Ana Patricia Muñoz presented the key findings of the Open Budget Survey 2025, covering 82 countries, and walked attendees through 20 years of data on budget transparency, participation, and oversight, highlighting both the persistent gaps and the bright spots where meaningful reform has taken hold. 

Transparency is now taken as a given and as a norm, but we cannot take it for granted. It is not about transparency. It's about the trust that this entails and the platform for reform that this can bring about.

Over the years, transparency has continued on an upward trajectory, and participation, while still the lowest-scoring pillar, has seen some of the highest gains. Unfortunately, when it comes to oversight, you pretty much see a flat line.

And while averages tell an important story, they also hide a lot. What is powerful about the Open Budget Survey is that we can see and dissect the data in different ways. And we are able to highlight stories of change even in the most complex environments. Across different regions and income levels, we see that progress is possible. We see countries improving transparency, innovating on participation, and building stronger accountability ecosystems.

Ana Patricia Muñoz
Executive Director at the International Budget Partnership
 

Bright Spots Around the World: Reform is Possible Anywhere

Benin: No country has climbed further in OBS history — transparency rose from 1 to 77 between 2012 and 2025, with participation reaching 52 and oversight 72, sustained by a 2015 decree codifying fiscal transparency as a legal obligation, the Ministry of Economy and Finance’s Open Budget Hub running annual action plans, and civil society including IBP partner Social Watch Bénin monitoring budget execution.

Cambodia: Cambodia’s transparency climbed 46 points to 54 since 2015, with all eight budget documents published since 2019 anchored by a 2023 law requiring timely publication of the Executive’s Budget Proposal, and IBP partner NGO Forum collaborating with the EU and government to integrate OBS recommendations into reform plans.

Cameroon: Cameroon’s transparency rose 30 points to 58 between 2019 and 2025, just short of the OBS sufficiency threshold, anchored by two 2018 laws on fiscal transparency and debt strategy publication, with civil society including IBP partner AfroLeadership working alongside the Ministry of Finance to keep the reform agenda advancing.

Dominican Republic: Transparency climbed 70 points since 2008, with all eight budget documents published consistently since 2019. Its public participation score of 50, nearly double the regional average, reflects municipal and provincial development councils that are enshrined in law. Reform endured through dedicated units sustained across administrations and partnerships with civil society, including IBP partner Fundación Solidaridad.

Egypt: Egypt has climbed across all three pillars — transparency rose 43 points to 59, participation reached 35 (the region’s highest), and oversight rose to 61 — driven by the Ministry of Finance’s Fiscal Transparency and Citizen Engagement unit, supported by sustained technical assistance from the IMF and the Middle East Regional Technical Assistance Center (METAC), with IBP partner Shamseya applying the Ministry’s participatory model to health budget monitoring.

Guatemala: Guatemala crossed the OBS sufficiency threshold in 2017 and has continuously published all eight budget documents since 2019, even through years of political hostility. Transparency climbed to 71 and participation rebounded to 41 in 2025 under a reformist administration, with civil society, including IBP partner CIIDH, sustaining the reform agenda through the difficult years and now shaping renewed engagement with the Ministry of Finance.

Jordan: Jordan has scored at or near the OBS sufficiency threshold in every round since 2017, reaching 62 in 2025 against a regional average of 30, with recent oversight gains anchored by amendments to the Audit Bureau Law and the parliamentary finance committee now publishing its analysis before budget adoption — and the Ministry of Finance committing to institutionalize civil society participation following dialogue with IBP partner Partners Jordan.

Kyrgyz Republic: Kyrgyz Republic is Central Asia’s clearest cross-pillar reformer — transparency rose from 20 to 69 since 2012, oversight reached 76, and participation hit 37, more than double the global average, sustained through political transitions by collaboration between the Ministry of Finance and civil society including IBP partner Budget Advocacy Coalition.

Panel 1 – Who Pays, Who Benefits: Fiscal Policy and Equity 


Moderated by Andrés Mejía Acosta (Keough School of Global Affairs, University of Notre Dame), this panelåPanel 1 – Who Pays, Who Benefits: Fiscal Policy and Equity

Moderated by Andrés Mejía Acosta (Keough School of Global Affairs, University of Notre Dame), this panel examined the gap between fiscal policies and truly equitable outcomes—asking who bears the burden of taxation, who benefits from exemptions, and whether borrowing decisions are made in the public interest—including for women and marginalized groups. And crucially, how can civil society and oversight actors create the conditions for fairer fiscal choices before decisions are made?

John Kinuthia shared insights from Kenya highlighting how domestic constituencies can be fostered and built to promote public engagement and advocacy around critical fiscal policy choices including through coalitions like Okoa Uchumi which promotes domestic debt accountability. Caren Grown highlighted the key role that politics and norms play in fiscal policy and decision-making and made the case for a new fiscal paradigm that considers how fiscal capacity can be expanded through investments in climate resilience and care systems that can expand productivity and domestic resource mobilization long-term. examined the gap between fiscal policies and truly equitable outcomes—asking who bears the burden of taxation, who benefits from exemptions, and whether borrowing decisions are made in the public interest—including for women and marginalized groups. And crucially, how can civil society and oversight actors create the conditions for fairer fiscal choices before decisions are made?

John Kinuthia shared insights from Kenya highlighting how domestic constituencies can be fostered and built to promote public engagement and advocacy around critical fiscal policy choices including through coalitions like Okoa Uchumi which promotes domestic debt accountability. Caren Grown highlighted the key role that politics and norms play in fiscal policy and decision-making and made the case for a new fiscal paradigm that considers how fiscal capacity can be expanded through investments in climate resilience and care systems that can expand productivity and domestic resource mobilization long-term.

There is not necessarily a trade-off between equity, efficiency, and growth. But right now, we know that equity is not very high on the political agenda, and I think that we can do much more to bring that back. We have compelling evidence that fairer tax systems, stronger domestic resource mobilization, and more progressive approaches to taxation can support not only justice and inclusion, but also economic growth and long-term development.

The challenge is not only designing better policies; it is understanding the political forces that determine whether those policies ever become reality. We need to work on changing narratives and paradigms and make sure that we have citizen movements, citizen engagement and allies helping us. The more we think about how we can change narratives and argue across the board for some of these things, the stronger we'll be.

Caren Grown
Senior Fellow and Director, Center for Sustainable Development,
Brookings Institution

Budgets are political more than they are technical. It's about incentives. It's about the choices that governments are making. In the current fiscal pressures that countries like Kenya face, whether it's more taxes being proposed or austerity measures being introduced, we have created a very charged environment around those choices. Because ultimately, we're deciding who gets taxed, who benefits from government programs, and who misses out.

I think the lesson is that we need a bigger movement to care and place more pressure on government to justify the trade-offs it is making. Those conversations must continue happening. If those who depend on public services become more involved in budget debates, then civic space becomes harder to close.

John Kinuthia
Deputy Executive Director, Bajeti Hub, Kenya

Panel 2 – The Execution Problem: From Budget Plans to Spending Reality 
 

Even when budgets are well designed, delivery often breaks down at implementation. Funds are delayed, reallocated, or poorly monitored, and communities bear the cost. Moderated by Gustavo A. Flores-Macías (School of Public Policy, University of Maryland), this panel explored what it actually takes to fix execution problems: which coalitions need to come together, whose incentives need to align, and how community evidence can move from anecdote to actionable pressure on government. The discussion drew on concrete experience from Nigeria and cross-country research on the conditions under which governments can and do leverage budgets effectively to deliver better outcomes on health, education and other key sectors. 

Shantayanan Devarajan highlighted the challenges of ensuring that allocations deliver better service outcomes, emphasizing the importance of transparency on service performance and the need to shift political incentives to ensure public money is targeted at those who are most excluded from public services. Yinka Babalola shared key insights from IBP’s work bringing civic and government allies together to improve budget execution in primary healthcare in Nigeria. 

If you look more closely at health and education spending, it is often skewed toward the rich rather than the poor. In India, for example, 33 percent of public health spending goes to the richest 20 percent of the population, while less than 8 percent reaches the poorest quintile. As a result, less funding is available for primary schools or health clinics that serve the poor. And even when resources are allocated to primary schools and clinics, leakages remain a huge problem. We need stronger incentives to ensure resources reach their intended beneficiaries and that spending is directed toward what matters most for the poor rather than being captured by the better-off.

This is where transparency initiatives like those of the International Budget Partnership can make a real difference. Evidence shows that publishing data on leakages reduces leakages, same way that publishing data on teacher absenteeism reduces absenteeism. There are things we can do, but we have to stop saying, 'Once we've got the money allocated, we're done,' because we're not even close to being done.

Shantayanan Devarajan
Professor of the Practice of International Development,
Georgetown University

Our partners were able to translate complex budget data into concise, decision-ready material—snapshots, infographics, two-page briefs—which helped government actors and communities connect spending patterns to actual service results.

We shouldn't underestimate the ability of communities and community-based CSOs to drive change from the bottom up. They are already doing effective advocacy, and if we equip them with the right skills, the knowledge and the tools, it dials up their efforts to another level. They're able to speak knowledgeably about budget execution challenges in a manner that not only holds the attention of government officials but actually opens doors for them to contribute meaningfully to discussions on how public finances are managed to provide last-mile services.

Yinka Babalola
Country Director, International Budget Partnership Nigeria

Looking ahead, the Open Budget Survey itself is evolving. Ana Patricia Muñoz closed the event by announcing that IBP will leverage new technologies to streamline the transparency research phase and innovate the methodology to better capture the dynamics at play in fiscal accountability. After 20 years of building this movement — alongside civil society partners in more than 120 countries across the world — a revamped survey will provide a springboard for deepening reforms that ensure public money delivers for all. 

The journey continues, and the invitation is open for all to be part of it. 

The OBS 2025 global report is available now.

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Speakers

Rodrigo Valdés

Director of the Fiscal Affairs Department, International Monetary Fund

Rodrigo Valdés, a national of Chile, assumed the role of Director of the Fiscal Affairs Department (FAD) at the end of October 2025. Prior to this, he was a Director of Western Hemisphere Department. Earlier in his career, he was a professor of economics in the School of Government at the Catholic University of Chile and held the position of Chile’s Minister of Finance from 2015 to 2017. Rodrigo also has impressive experience in the public and private sector and is highly respected as an academic. He spent more than 16 years in Chile’s public sector serving in various leading positions both at the Ministry of Finance and the Central Bank, where he was Director of Research and Chief Economist responsible for producing the Bank’s Monetary Policy Report and overseeing macroeconomic analysis. He also served as deputy director in the WHD and EUR departments of the IMF. In the banking sector he worked at BTG Pactual, he headed the macroeconomic research team for Latin America excluding Brazil, and he was Board and Executive Committee President at Banco Estado, Chile’s sole state-owned bank. He also worked at Barclays Capital in New York as Director and Chief Economist for Latin America. Rodrigo holds a PhD in Economics from the Massachusetts Institute of Technology, and a bachelor’s degree in Economics from the University of Chile.

Caren Grown

Senior fellow and Director, Center for Sustainable Development, Brookings Institution

Caren Grown is senior fellow and director of the Center for Sustainable Development at the Brookings Institution. She is an internationally recognized expert on gender issues in development. From 2014-2021, she served as global director for gender at the World Bank Group and as senior technical advisor in the Macroeconomics, Trade, and Investment Global Practice until 2022.

Grown is a member of the Economic Advisory Council of the Millennium Challenge Corporation, and the editorial boards of Development Policy Review and Feminist Economics. She was a founding member of the International Working Group on Gender and Macroeconomics (GEM-IWG) and Data2X, where she is also a member of the advisory board. She has been a consultant to the Asian Development Bank, the Inter-American Development Bank, and several U.N. agencies. She was named in the top 20 of Apolitical’s Gender Equality Top 100 Influencers in the World in 2018 and 2019.

Throughout her career, she developed and co-led several large research projects, including the UNU-WIDER program on aid effectiveness and gender equality, the three-country Gender Asset Gap Project (based at the Indian Institute of Management in Bangalore, India), and the seven-country Taxation and Gender Equality Project (based at American University and University of KwaZulu Natal).

At the Center for Sustainable Development, Grown is focusing on climate change and development through a gender lens, fiscal policy and public finance for gender equality, and new institutional approaches to achieve gender equality and sustainable development.

She holds doctoral and master’s degrees in economics from the New School for Social Research and a Bachelor of Arts in political science from the University of California, Los Angeles.

Ana Patricia Muñoz

Executive Director, International Budget Partnership

Ana Patricia Muñoz joined the International Budget Partnership as Executive Director in 2023. Previously, she was the Executive Director of FARO, non-partisan Ecuadorian think tank that generates research and implements initiatives to influence public policy and build a more equitable, just, and sustainable society.  

As a trilingual economist, Ana Patricia brings strong technical knowledge to work on budgets and fiscal accountability. Her work has mainly focused on reducing inequality.

She spent a decade at the Federal Reserve Bank of Boston, where she rose through the ranks to become Assistant Vice President. She was one of the youngest people— and the second Latina— in this position. During this time, she spearheaded ground-breaking research and produced a seminal report on the racial wealth gap, which has had huge impact. She also played a pivotal role in bringing diverse sectors together—from local housing advocates to private banks—to reduce the number of foreclosures in the city during the 2008 financial crisis.

Ana Patricia has written more than 20 research reports, book chapters, and articles published in academic journals. She holds a Master’s degree in Public Affairs from Brown University, a Master’s degree in Economics from the University of Montreal and a Bachelor’s degree in Economics from the Pontificia Universidad Católica del Ecuador.

John Kinuthia

Deputy Executive Director, Bajeti Hub

John Kinuthia is the Deputy Executive Director at Bajeti Hub, bringing over 13 years of experience in public finance and decentralization. He leads the design and execution of the organization’s programs at both national and county levels, advancing transparency, inclusion, and equity in how Kenya raises and spends public resources. John’s work is grounded in rigorous research that also informs Bajeti Hub’s technical assistance and policy engagement with government institutions and civil society actors. His research covers a wide range of public finance issues, including equitable revenue sharing, impact of public debt on social services, social protection, budget credibility, public deliberations, health financing, and sub-national budget transparency. Prior to joining Bajeti Hub, John worked at Twaweza East Africa, where he played a key role in developing the Kenya Budget Explorer, an innovative platform that enhances public access to budget information. Outside of his professional work, John enjoys cycling, farming, and exploring his passion for history and geography.

Shantayanan Devarajan

Professor of the Practice of International Development, Georgetown University’s Edmund A. Walsh School of Foreign Service

Shanta Devarajan is a professor of the practice of international development at Georgetown University’s Edmund A. Walsh School of Foreign Service. He was previously at the World Bank, where he was the senior director for Development Economics, the chief economist of the Middle East and North Africa, Africa, and South Asia regions and the Human Development Network. He was also a director of the 2004 World Development Report, Making Services Work for Poor People. Before 1991, Shanta was on the faculty of Harvard University’s John F. Kennedy School of Government. Born in Sri Lanka, he received a Ph.D. in economics from the University of California, Berkeley, and an A. B. in mathematics from Princeton University.

Yinka Babalola

Country Director, Nigeria, International Budget Partnership

Yinka Babalola joined IBP in February 2024 as the Country Manager for Nigeria. She is an economist with many years of experience in policy making support in the areas of Public Financial Management and Fiscal Policy as well as Macroeconomic Analysis. She previously worked with the Nigerian government as an adviser at the Budget Office of the Federation and the Federal Ministry of Finance. Yinka also consulted with several international development agencies including UNICEF, the World Bank, and the Bill and Melinda Gates Foundation. Yinka has a BSc in Electrical and Electronics Engineering from the University of Ibadan in Nigeria as well as an MSc in Development Economics and a PhD in Economics from the School of Oriental and African Studies (SOAS), University of London. In her last role, she was the Special Adviser on Fiscal and Macroeconomic Policy to the Minister of Finance, Budget, and National Planning in Nigeria. Yinka loves to read books, watch TV and movies in her down time and is also learning French and to play the viola.

Moderators

Andrés Mejía Acosta

Kuster Family Associate Dean for Research, Policy and Practice; Associate Professor, Political Economy of Development, Keough School of Global Affairs

Andrés Mejía Acosta (Ph.D. University of Notre Dame, 2004) is the Kuster Family Associate Dean for Policy and Practice and associate professor of political economy of development in the Keough School of Global Affairs at the University of Notre Dame.

Prior to joining the Keough School, Mejía Acosta was a reader (professor) of political economy and founding member of the Department of International Development at King’s College London (2013-2022). Before that, he was a senior research fellow at the Institute of Development Studies at the University of Sussex, where he led global research programs on state-building and state capacity (2006-2010), democracy and local government in the Western Balkans (2010-2013), and nutrition governance in low- and middle-income countries (2010-2013). He has held associate teaching and research positions at the Getulio Vargas Foundation (FGV-Brazil), the University of British Columbia (UBC-Canada), Central European University (CEU-Hungary) and Universidad San Francisco de Quito (USFQ), Universidad de las Americas (UDLA) and Facultad Latinoamericana de Ciencias Sociales (FLACSO) in Ecuador.

Mejia Acosta’s research looks at the formal and informal political bargaining dynamics among government elites when adopting sustainable and inclusive policies in low- and middle-income countries. He is the author of four books and numerous journal articles on comparative political institutions (including legislative coalitions, political parties, and electoral systems); transparency and accountability in the extractive industries; the political and fiscal management of natural resource revenues; and fiscal decentralization. He is the lead researcher of Analysing Nutrition Governance, a comparative project exploring the motivations of governments to invest, coordinate and implement strategies to reduce children’s under-nutrition in low- and middle-income countries such as Bangladesh, Brazil, Ethiopia, India, Kenya, Niger, Pakistan, Peru, and Zambia. More recently he co-edited Negotiating Universalism in India and Latin America (Routledge 2021), a volume exploring the link between fiscal decentralization, subnational politics, and social outcomes.

Mejía Acosta’s scholarly work has consistently gained policy-relevant recognition. He has been consulted as a thematic or regional expert to international development organizations such as the British Department for International Development, the Carter Center, Freedom House, the Inter-American Development Bank, the International Budget Partnership, the Swiss Development Cooperation Agency, and UNICEF, among others. Before joining the Keough School, he was prominently involved in the design, implementation, and success of Ecuador’s National Strategy for the Prevention and Eradication of Malnutrition (2021-23).

Gustavo Flores-Macías

Professor and Dean, University of Maryland, School of Public Policy

Gustavo Flores-Macías serves as the dean of the University of Maryland School of Public Policy. Prior to joining the University of Maryland, Flores-Macías served as professor and senior associate dean for strategic initiatives for the Jeb E. Brooks School of Public Policy, and professor in the College of Arts and Sciences at Cornell University. In his role of associate dean for strategic initiatives, Flores-Macías oversaw the development of the school’s new D.C. Start semester for first-year students in Washington, D.C., and the launch of a new BA in public policy jointly with the College of Arts and Sciences.

Flores-Macías joined Cornell in 2010 as an assistant professor, and has held a variety of leadership roles, including serving as interim senior associate dean for academic affairs for the Brooks School, where he oversaw key areas of the unit’s growth, including admissions, student services, and career management. Flores-Macías provided integral leadership during the Brooks School’s early development, shaping its design, shepherding new degree programs, developing online certificates and establishing standards for students’ academic standing.

Prior to his leadership roles in the Brooks School, Flores-Macías served as associate vice provost for international affairs for the university, equipping international students for success through strategic partnerships with universities abroad and fundraising. In addition, he was previously director of Cornell’s Latin American and Caribbean Studies Program.

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