July 29, 2016Michael Sutherland-Shaw
Welcome to News Balance, our weekly blog recapping the changing face of public financial management (PFM) and more.
From government contracts, updated procurement policy, ERP fails, to tech takeovers, FreeBalance is your one stop shop for staying up to date on technology and PFM reform around the world.
As a forward-thinking software company, we’ll also touch on stories that relate to topics such as, big data, the Fourth Industrial Revolution, sustainability, cloud computing and information we believe will be of interest to all levels of government and its citizens.
Information has never felt so free! In a move promoting transparency and strengthening public participation in governance, the Philippines President Rodrigo Duterte signed a historic executive order (EO) requiring all government offices under the executive branch to disclose details of all transactions going forward. (…read more)
It was only a matter of time. Yahoo, the technology company that once defined the Internet has been sold to Verizon for $4.83 billion US. This is the second time in as many years Verizon has snapped up the remnants of a fallen Internet star. The largest U.S. wireless carrier paid $4.4 billion US for AOL in 2005. (…read more)
Thanks to a $10 million loan from the World Bank, a procurement project in Bangladesh will see upgrades and expansions to its data centre. With growing demand from public procurement bodies, the World Bank believes its financing (now at $68.1 million) will be an effective use of public money and increase transparency in the procurement system. (…read more)
Christine Lagarde, current head of the International Monetary Fund, will stand trial for negligence over a fraudulent €405 million payout the French state made to a Paris businessman when she was finance minister. (…read more)
Building tax capacity in developing countries starts with “enthusiastic country commitment”, according to a new report from four of the world’s most prominent international institutions. Working together as the new Platform for Collaboration on Tax (PCT), the International Monetary Fund, OECD, United Nations and World Bank released a report identifying measures to building tax capacity. (…read more)
The Canadian government is hoping pay problems associated with its new Phoenix compensation system will be fixed by October thanks to the opening of three temporary pay hubs and a new call centre. Currently, more than 80,000 public servants are experiencing pay issues. “We are taking so many measures to deal with this issue because it’s totally unacceptable that people go without a paycheque,” Public Services and Procurement Minister Judy Foote told The Globe and Mail. (…read more)
It starts with the private sector. Despite political instability and a lack of financing, the private sector must play a leading role in driving prosperity in the Middle East and North Africa, according to a new report by the European Investment Bank, the European Bank for Reconstruction and Development, and the World Bank Group. (…read more)
Ghana Finance Minister Seth Terkper is urging the legislature to pass its Public Financial Bill which he says addresses the persistent weakness in fiscal failures in accountability mechanisms as well as provides a clear budget process map that strengthens the link between fiscal strategy and policy. However, speaking on the floor of Parliament, Ranking Member of Parliament’s Finance Committee, Dr. Anthony Akoto Osei further implored the House to critically reconsider the decision. (…read more)
In an attempt to kick-start the Japanese economy, Prime Minister Shinzo Abe plans to launch a $266 billion stimulus package. Around half of the total – $125 billion – will be made up of fiscal measures, including government spending. With a surge in the yen following the Brexit, Abe had promised to deliver a strong stimulus package. (…read more)
And Oracle continues to grow. In one of the largest deals in the company’s history, Oracle agreed to buy Netsuite for $9.3 billion, bolstering the software maker’s cloud-computing offerings. Oracle said it is paying $109 a share in cash. The deal is expected to close this year, subject to regulatory and shareholder approval. (…read more)
If measures aren’t taken, debt levels in El Salvador “could rise to unsustainable levels”, according to the IMF. In a report released this week, the IMF said the Central American country continues to suffer from significantly lower growth than neighbouring countries amid low investment, high outward migration, weak competitiveness, and political gridlock. (…read more)