Investors rely on government fiscal data to assess creditworthiness. Yet many governments do not produce basic or complete fiscal data. The event will focus on fiscal openness and budget transparency in emerging markets. The discussion will address questions such as: (1) How are governments performing on fiscal openness and budget transparency and why does it matter? (2) How do closed fiscal policies and budgets contribute to systemic risks and open ones reduce risks? (3) Which fiscal transparency regimes are models to replicate and which are disasters in the making?