Micronesia to Experience Public Financial Management Reform and Digital Transformation with FreeBalance

FreeBalance, a leading provider of digital technology and advisory services for national governments, has been selected to provide a new cloud-based financial management information system (FMIS) for the Government of the Federated States of Micronesia. This announcement was made on Wednesday 12 June, 2024.

The new FMIS is part of the World Bank’s Strengthening Public Financial Management project and will utilize FreeBalance’s unified government technology platform and specialized government advisory and technical implementation services. The system will be implemented for both the national government and the four state governments of the Federated States of Micronesia (Chuuk, Kosrae, Pohnpei, and Yap).

The implementation of the FreeBalance Accountability SuiteTM is expected to improve the completeness, reliability, and timeliness of fiscal reporting, as well as ensure effective delivery of financial processes. Additionally, it will enhance transparency of financial information and build citizen trust in the government’s management of resources.

Rose Nakanaga, Secretary of the Department of Finance and Administration, stated, “Developing a new FMIS is a key enabler of the Federated States of Micronesia’s public financial management strategy. It is an inclusive tool that aligns with governmental strategic objectives and profoundly empowers our citizens, ensuring that every stakeholder has a clear window into the stewardship of our nation’s resources, fostering trust and participation across all levels of society.”

This project follows a similar one launched by FreeBalance with the Government of Costa Rica in late 2023. Manuel Schiappa Pietra, President and CEO of FreeBalance, expressed his enthusiasm for the project, stating, “This important project enables the government to leverage digital technology to create a more transparent and accountable public financial management system in support of the citizens of Micronesia. We look forward to collaborating with the government in the coming months to support the digital transformation of its fiscal processes and technology.”

The Government of the Federated States of Micronesia specifically sought a Commercial-Off-The-Shelf (COTS) cloud-based solution to support the redesign of its public financial management (PFM) system. The FreeBalance Accountability SuiteTM will provide the government with new methods to manage various financial processes, including budget preparation, execution, and reporting, as well as bank and treasury management and project and grant management.

To support the implementation, a team of FreeBalance specialists will be located in the Federated States of Micronesia, with support from PFM experts in other FreeBalance locations globally. This approach allows for close collaboration with the government’s project team while leveraging expertise from over 25 other FreeBalance implementations worldwide.

For media enquiries, contact:

Carolyn Bowick
+44 (0) 7752 017663
United Kingdom
Twitter: @FreeBalance
LinkedIn: FreeBalance

About FreeBalance

FreeBalance partners with the world’s most innovative governments to accelerate growth and sustainable development through digital transformation. With a purpose-led approach, FreeBalance has worked alongside the public sector for 40 years and in over 25 countries to develop and deliver the first global Government Resource Planning (GRP) platform, the FreeBalance Accountability Suite™. The company is committed to the Sustainable Development Goals (SDGs) and helping governments align digital transformation to national development priorities.

For more information, visit www.freebalance.com.

Distributed by https://pressat.co.uk/

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