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Timor-Leste forges ahead with economic development with FreeBalance


March 9, 2010

H.E. Mr. Jose Luis Guterres, Deputy Prime Minister of Democratic Republic of Timor-Leste spoke to the United Nations Security Council in New York on February 23rd of this year. Good governance and economic growth were key themes of his address.

According to United Nations Radio: “Speaking in the Security Council on Tuesday, Mr. Guterres said despite the current world economic and financial crises, Timor Leste’s economic growth of non-oil gross domestic product in 2008 was over 12 per cent. He added that preliminary estimates of economic growth for 2009 are around 12 per cent while the annual average inflation is less than 2 per cent.”

The Deputy Prime Minister explained to the Security Council how FreeBalance is helping Timor-Leste achieve governance objectives:

“The Government of Timor-Leste aims to make the Public Management of Public Finance among the most accountable and the most transparent in the world.

A few days ago, executives from a Canadian Management software company FreeBalance have visited Timor-Leste; they are providing accounting services to many countries; an agreement was reached in which they will provide software solutions for public financial and human resource management.

These new solutions will produce at least two portals for the public via a web-based interface; one is called transparency portal where the public can access real time information on how the state funds are being executed including details like amounts allocated, timing of the project, location of the project, and under which program the project is being implemented.

The other is a procurement portal that gives access to information on the procurement plans of the Government providing the business community equitable participation and adequate preparation time to complete and submit the process. Once the procurement process starts, it can be monitored and provide information to the public on how the procurement process was implemented which procurement method was utilized, the process of evaluation, the names of companies and bidders and the allocated to the successful bidder.

The citizens and organizations of my Country will be able to follow closely the budget execution and the procurement process in real time.”

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Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

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