FreeBalance Selected to Provide Cloud-based Financial Management Information System for Government of the Federated States of Micronesia
Ottawa, Canada – FreeBalance, a leading provider of digital technology and advisory services for national governments, has been chosen to implement a new cloud-based financial management information system (FMIS) for the Government of the Federated States of Micronesia. The project is part of the World Bank’s Strengthening Public Financial Management initiative, aimed at improving fiscal planning and reporting within national and state governments.
FreeBalance will provide its unified government technology platform and specialized advisory and technical implementation services to both the national government and the four state governments of the Federated States of Micronesia (Chuuk, Kosrae, Pohnpei, and Yap). By implementing the FreeBalance Accountability SuiteTM, the country hopes to enhance the completeness, reliability, and timeliness of fiscal reporting, ensure efficient delivery of financial processes, and build trust among citizens through increased transparency of financial information.
Speaking about the project, Secretary of the Department of Finance and Administration, Rose Nakanaga, stated: “Developing a new FMIS is a key component of the Federated States of Micronesia’s public financial management strategy. It is an inclusive tool that aligns with governmental strategic objectives and empowers citizens, ensuring that all stakeholders have a clear view of how our nation’s resources are managed and fostering trust and participation across all levels of society.”
This announcement comes on the heels of a similar project for FreeBalance, launched with the Government of Costa Rica in late 2023. Manuel Schiappa Pietra, President and CEO of FreeBalance, expressed excitement about the project’s potential, saying: “This important project allows 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 working closely 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 requested 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 for managing:
– General Ledger and Chart of Accounts
– Budget preparation, compilation, adoption, and execution
– Accounts payable and accounts receivable
– Bank and treasury management
– Payroll and personnel management
– Fixed asset and inventory management
– Project, grant, and fund management
– Standard and customized reporting
– Enhanced access for citizens to information on how public funds are used.
A team of FreeBalance specialists will be stationed in the Federated States of Micronesia, supported by PFM experts in FreeBalance locations around the world. This approach enables close collaboration with the government’s project team while also leveraging expertise from over 25 other FreeBalance implementations worldwide.
About FreeBalance
FreeBalance partners with the world’s most innovative governments to accelerate growth and sustainable development through digital transformation. By providing a centralized and integrated digital government technology platform, FreeBalance enables countries to manage and deliver government services more effectively, enhancing citizen and business satisfaction.
As a purpose-led company, FreeBalance has worked closely with the public sector for 40 years, operating in over 25 countries to develop and deliver the first global Government Resource Planning (GRP) platform – the FreeBalance Accountability SuiteTM. The company is committed to the Sustainable Development Goals (SDGs) and helping governments align digital transformation with national development priorities.
For media enquiries, please contact:
Carolyn Bowick
carolyn.bowick@freebalance.com
+44 (0) 7752 017663
United Kingdom
Twitter: @FreeBalance
LinkedIn: FreeBalance
www.freebalance.com
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Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.