Last Updated on: 22nd November 2023, 07:11 pm
Oceania state sets trend for governmental finance
The Government of Oceania state , Kiribati, has selected FreeBalance, a Public Financial Management (PFM) solutions and advisory firm to help them deliver an Integrated Financial Management Information System (IFMIS).
FreeBalance discussed the functionality of this service in a statement, which read: “The functional scope of the IFMIS covers budget preparation, budget execution, accounting, treasury, management, cash management, debt and grant monitoring, asset management, and purchase order monitoring”.
It is hoped that this integrated solution will help with governance and reform, while also giving greater levels of transparency, accountability and development outcomes.
Hon. Dr. Teuea Toatu, who is the Vice President and Minister for Finance and Economic Development of Kiribati, said that his Government shares these goals.
He said: “The core priorities of the Kiribati Development Plan are to eliminate poverty and reduce inequality and injustice through inclusive economic growth, building human capabilities, enhancing the capacity of the state, and strengthening the institutions of good governance and democracy.
“Governance is one of our key priority areas and we look forward to strengthening accountability and improving service delivery through the implementation of the IFMIS.”
Manuel Schiappa Pietra, President and CEO of FreeBalance, was enthusiastic about his firm’s possible influence on the island.
He said: “This is a transformational project in the Pacific Islands and one that supports the implementation of the Kiribati Development Plan to create a sustainable, healthier, wealthier and peaceful nation”
“FreeBalance provides a proven technology platform to support continued country growth, development and digital transformation initiatives in support of the government and the citizens of Kiribati.”
FreeBalance’s solution covers the entire budget cycle and manages all critical government fiscal systems.
