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News & Events
FreeBalance to Share Expertise on Leveraging Debt Management for Effective Public Financial Management
Framework for Interfacing Debt Management Systems with Financial Management Information System (FMIS) focus of Commonwealth Secretariat workshop in London, UK
Ottawa, Canada (October 26, 2011) – FreeBalance, a For Profit Social Enterprise (FOPSE) software company that helps governments around the world to leverage robust Government Resource Planning (GRP) technology to accelerate country growth, will be presenting at the “Leveraging Debt Management for Effective Public Financial Management: Framework for Interfacing Debt Management Systems with IFMIS” workshop organized by the Commonwealth Secretariat. This workshop runs from October 26 – 27 and will be held in London, UK. Over 30 Ministry of Finance, Treasury, and Accountant General representatives from 12 countries will be participating in the two-day workshop. Attendees from the World Bank, International Monetary Fund (IMF) and Public Expenditure and Financial Accountability (PEFA) Secretariat will also be participating.
During the workshop, Doug Hadden, Vice-President Products at FreeBalance will be participating in the "FMIS Implementation: Experiences and Best Practices for Interface with Debt Management" session on Thursday, 27 October 2011 from 11.30-13.00. Mr. Hadden will be joined on a panel with representatives from Thailand, Chile, and Brazil. Other workshop sessions include: Framework for Public Financial Management - Sound Practices; Framework for Government Cash and Debt Management; and, Transparency, Performance Assessment and Accountability in PFM and Debt Management.
"FreeBalance looks forward to sharing good practices in FMIS implementations and debt management integration with attendees," said Manuel Pietra, FreeBalance President & CEO. "Integration has significant benefits. Tight integration with commitment accounting systems enables better cash, debt, investment and liquidity management. Integration can be accomplished with aid management, budget preparation and budget execution systems. Government Resource Planning systems can seamlessly be integrated and support the International Aid Transparency Initiative standards.”
The FreeBalance Accountability Suite is a Government Resource Planning (GRP) solution that supports transparency and accountability. FreeBalance solutions for governments and external aid projects and funds simplify administration and reduce transaction costs for government or private organizations managing aid projects. The FreeBalance Accountability Suite automates reporting to donors, project finance management, and project performance management. The FreeBalance solution operates in developing nations around the world, including low-capacity countries, and providing effective donor reporting that meets international standards.
FreeBalance recently published an Aid Transparency Integration white paper that describes how integration between donor and government financials systems reduces transaction costs and corruption through automation. This improves efficiency and effectiveness by data harmonization. The white paper details how manual methods of integration compromises data quality and timeliness resulting in less coordination and less effective aid. And, the white paper advocates the use of program budgeting by all aid stakeholders for timely reporting and ease of integration with project documents.
FreeBalance is active in 19 countries, including Antigua & Barbuda, Afghanistan, Canada, Iraq, Kosovo, Kyrgyz Republic, Liberia, Mongolia, Namibia, Pakistan, Sierra Leone, Southern Sudan, Timor-Leste, and Uganda among others. FreeBalance software manages more than a quarter trillion ($US) annual budgets worldwide.