PFM could change government finance as we know it as Kiribati hires FreeBalance

PFM could change government finance as we know it as Kiribati hires FreeBalance

Have you heard of Public Financial Management (PFM) solutions?

A new company who is working within this sphere could be about to change how finances work at a governmental level.

The firm in question is FreeBalance PFM. They have just been selected by the government of the Oceania state Kirabiti to provide the country with an Integrated Financial Management Information System (IFMIS).

FreeBalance stated that the IFMIS they introduce will have a functional scope that covers the following: budget preparation, budget execution, accounting, treasury, management, cash management, debt and grant monitoring, asset management, and purchase order monitoring.

The firm has also stated that they hope this system will provide greater accountability, transparency, and the ability to achieve development goals within the country.

Hon. Dr. Teuea Toatu, Vice President and Minister for Finance and Economic Development, echoed these goals when discussing this development.

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, discussed what this could mean for Kiribati.

He said: “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 is one that covers the entire budget cycle and manages all critical government fiscal systems.