The Ministry of Finance makes a demonstration about the Government Resources Planning and the solutions offered by the FreeBalance

Fri. 10 of December of 2010, 19:04h

In order to strengthen Public Finance Management, the Government has been emphasizing on the improvement of the financial management system. On Friday, 10 December, the Ministry of Finance promoted a demonstration, to the members of Government, of the new functionalities of the financial data management system, implemented by FreeBalance in the year 2000.

FreeBalance provided a system that covered budget control, general accountability, purchasing and payments and, although it was also extended to budgeting performance and revenues, the system still lacks the possibility to analyse data as well as a better transparency and accountability.

This year, and according to these needs, the Ministry of Finance has again requested FreeBalance’s services to improve the Financial Management Information System (FMIS) and, consequently, of Public Finance Management.

The objective of this reform in Public Finance Management is to promote the increase of transparency and accountability and good governance, and concentrating specially on the Transparency Portal, the e-Procurement Portal and the Ministers Dashboard.

The Transparency Portal shows the budget, and the information about budget execution, allowing easy reading and in a format available to the public. In this way, citizens, donors, stakeholders, non-governmental organizations and press can have access to a step-by-step and most updated as possible information on budget execution from the Government’s part.

The e-Procurement Portal promotes economic development, since it increases the suppliers’ participation. All tender opportunities will be listed in a single place, guaranteeing to the suppliers a just and transparent bidding for Government proposals.

The Ministers Dashboard integrates data from different systems and allows that the information be presented exclusively per ministry. It also controls the data with precision and generates an alert when something is not correct.

The IV Constitutional Government will continue, in 2011, with improvements in the Public Financial Management program. Many projects, delivered in 2010, will be used to improve and to introduce new solutions for the Government’s resource planning in 2011 and will be decentralized to the line ministries as well as to the districts. In the next year it is intended to reinforce the Transparency Portal, that the ministerial panels supply financial and non-financial indicators, to have advanced tools for purchasing and payment analysis and that a reinforcement of documental management is done.