FreeBalance is a company who is trying to change how governments manage their finances.
The firm has just been selected by the government of the Oceania state, Kiribati, to provide them with an Integrated Financial Management Information System (IFMIS).
According to a statement from the organisation, 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”.
They added that this solution will allow Kiribati’s government to “improve governance and accelerate public financial management reform”.
Hon. Dr. Teuea Toatu, Vice President and Minister for Finance and Economic Development of the state, echoed this sentiment.
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, added that this is a project that could change the island nation.
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”
It is hoped that the example from Kiribati will lead to more governements using what FreeBalance describes as a “proven technology”.