Government of Sri Lanka to Leverage FreeBalance Technology to Drive Public Financial Management (PFM) Reform

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Nov 14, 2013, 10:55 ET

Samsung SDS and FreeBalance selected for a country-wide implementation of FreeBalance Government Resource Planning (GRP) solutions in Sri Lanka

OTTAWA, Nov. 14, 2013 /CNW/ - FreeBalance, a leading vendor of Government Resource Planning (GRP) software, today announced that the Government of Sri Lanka will be leveraging FreeBalance technology for the implementation of an Integrated Treasury Management Information System (ITMIS) for the Ministry of Finance and Planning (MoFP). The ITMIS will be rolled out government-wide to all Government spending agencies which will automate the entire Public Financial Management (PFM) lifecycle in Sri Lanka. FreeBalance will be acting as a sub-contractor to Samsung SDS on the multiple year ITMIS implementation.

The ITMIS project is part of a major reform initiative towards improving fiscal management in Sri Lanka through the Fiscal Management Efficiency Project (FMEP) - an Asian Development Bank assisted project under the Ministry of Finance and Planning in Sri Lanka. "The Government of Sri Lanka is committed to the reform and modernization of its public financial management system," said Dr. P B Jayasundera, Secretary to the Treasury, Government of Sri Lanka. "The ITMIS will provide us with a technology platform upon which we can accelerate reforms and economic development in support of our citizens." The ITMIS is expected to improve the timeliness, accuracy and integrity of reporting and thereby creating an efficient public financial management system in Sri Lanka.

The ITMIS will enable the Government of Sri Lanka to improve governance by taking advantage of web-based technology to improve transparency, accountability and development outcomes. "FreeBalance fully supports the Government of Sri Lanka's vision for PFM reform and enhanced governance," said Manuel Pietra, President & CEO of FreeBalance. "We look forward to working with the Government of Sri Lanka and being partners in ensuring the success of this important project by providing good practices and domain expertise to facilitate the transition to the new ITMIS." The Government of Sri Lanka, Ministry of Finance and Planning, adds to a growing list of FreeBalance government customers in Asia, which includes Afghanistan, Kyrgyzstan, Laos, Mongolia, Pakistan and Timor-Leste.

The scope of the ITMIS implementation in Sri Lanka includes:

Budget Management
Commitment Management
Imprest Release (Treasury fund release)
Receipts Management
Payment Management
Payroll Management (MoFP only)
Pension Management (interface)
Debt Management (interface)

Cash Management
General Ledger
Fiscal Reporting
Internal Audit Management
Cadre Information Management
Public Sector Data Management
Court Case Tracking (MoFP only)
Asset Management

The Government of Sri Lanka will leverage the strengths of the FreeBalance and Samsung SDS alliance to implement the ITMIS. The global product and services alliance between FreeBalance and Samsung SDS is focused on public financial management and e-government. "The Ministry of Finance and Planning is using technology to improve governance and make a difference in the lives of the citizens of Sri Lanka," said Jaehan Lee, Senior Vice President, Smart Manufacturing & Town Business Unit, Samsung SDS. The product and services portfolio from the FreeBalance and Samsung SDS partnership covers the entire spectrum of open government, transparency, public financials, procurement, revenue and human resources.

About Samsung SDS
Samsung SDS is a global information and communication technology (ICT) service provider, striving to help customers increase their competitiveness by offering optimal ICT services. Its services are customized for customer business environments and leverage the most knowledgeable professionals and proven, innovative technologies. Samsung SDS is specialized in smart manufacturing, smart town, smart convergence, smart security, smart logistics, and smart ICT outsourcing. For more information, please visit the Samsung SDS website (http://sds.samsung.com).

About FreeBalance
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance software solutions for public financial and human resource management support reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. FreeBalance solutions are active in 22 countries managing more than a quarter trillion ($US) in annual budgets worldwide. For more information, visit the FreeBalance website.

SOURCE: FreeBalance Inc.