FreeBalance Wins PFM Reform Award in Sri Lanka
Matthew Olivier (far left) accepts the ‘Excellence in GFP Reform’ award on behalf of FreeBalance in Colombo, Sri Lanka
FreeBalance, a global public finance management (PFM) consulting services and solutions company, has been awarded with “Excellence in Public Finance Reform”
FreeBalance, a global public finance management (PFM) consulting services and solutions company, received the “Excellence in Public Finance Reform” award at the Asian Digital Finance Forum and Awards event held yesterday in Colombo, Sri Lanka.
FreeBalance has been commended for the significant work it has done with the Sri Lankan Government’s Ministry of Finance to develop and implement a modern Integrated Treasury Management Information System (ITMIS). The ITMIS is a cornerstone of the government’s public financial management (PFM) reform agenda, as set out in the Budget Management Effectiveness Project and the Budget Management Reform Agenda.
Matthew Olivier, Vice President, Revenue Marketing, FreeBalance received the award on behalf of the company and said, “FreeBalance has been supporting public financial management reform in Sri Lanka for almost a decade. The progress has been remarkable and would not have been possible without the commitment and dedication of the Ministry of Finance team.
Digital transformation and automation of Treasury operations in Sri Lanka through ITMIS provides the government with a modern budget and accounting system and a sustainable platform to support further reform, development and delivery services to citizens. By leveraging ITMIS, the Ministry of Finance has seen improvements in budget planning, execution and control, and better access to key financial data for decision-making in support of citizens.
FreeBalance has worked with the government of Sri Lanka since 2013 and ITMIS, based on FreeBalance Accountability Suite™, has supported a number of important reforms in the country. These reforms include the link between planning and budgeting, the introduction of accrual accounting, the centralization of payments, the development of a unified chart of accounts and the gradual move towards accrual accounting. This latest development is of particular importance as it provides a clear view of the government’s impact on the economy and improves transparency on the total resource cost of government activities.
Among the dignitaries present at the Asian FinTech Academy event were Mr. Dharmasri Kumaratunge (Deputy Governor of the Central Bank of Sri Lanka), Mr. Rajkumar Kanagasingam (Chairman of the FinTech Association of Sri Lanka (FASL) and Mr. Takeshi Kito ( Vice President, Fintech Association of Japan) In addition, a number of senior academics and FinTech business leaders delivered virtual keynote addresses to the audience at the Hilton Hotel.
Other winners included People’s Bank, Hatton National Bank, Commercial Bank and Bank of Ceylon, all of which were praised for their innovative use of FinTech to deliver improved financial services in Asia.
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FreeBalance, headquartered in Ottawa, Canada, is a purpose-driven organization dedicated to improving the well-being of citizens and fighting corruption around the world. FreeBalance public financial management (PFM) solutions, advisory services, and training enable realistic, impactful public sector reform that builds transparency, improves efficiency, restores trust, and creates opportunities for game-changing innovation.
With 38 years of success and operations in more than 25 countries, FreeBalance has unrivaled experience in public finance reform and is a specialist in intergovernmental trade (B2G) firm.
The company works with governments around the world to sequence and implement sustainable PFM reform programs. FreeBalance has worked with countries such as Canada, Haiti, Honduras, Kosovo, Liberia, Mongolia, Nicaragua, Sri Lanka, Sierra Leone, South Sudan, Uganda and Timor-Leste to build strong and transparent financial management systems from scratch.
More info: www.freebalance.com
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