Given the challenges and risks associated with such an ambitious project, it is remarkable that we were able to achieve so much so quickly. The IFMAS team was able to effectively manage the project from conception through to execution and remains committed to demonstrating results at each stage of the process. The accountability solutions we have in place today are contributing to growth and prosperity in Guyana and we have successfully built the foundation for good governance, citizen participation, donor confidence and fiscal responsibility.
– Minister of Finance, Government of Guyana
Enabling Modernization of PFM Systems in Guyana
In 2004, FreeBalance implemented a robust integrated financial management and accounting system (IFMAS) across all agencies of the Government of Guyana. The system supports the country’s economic reform program to further the modernization of the public finance management system. The IFMAS project was funded by the Canadian International Development Agency, along with the backing of the World Bank and the Inter-American Development Bank.
FreeBalance has been working with the government ever since to increase transparency, provide better and more timely information and facilitate the linkage of resources to results and poverty reduction program goals. Local capacity building and change management are key elements of success in Guyana.
Further Reading
- How to improve your country’s PFM rankings
- FreeBalance customers perform better in their PEFA assessments
- Latest World Happiness Report shows that FreeBalance customers outperform the global average
Read more success stories on how we helped governments all over the world improve their fiscal transparency and accountability.
Guyana’s PFM Achievements
World Governance Indicators
The World Governance Indicators related to PFM show improvements in both Guyana’s scores and ranking – especially in Control of Corruption.
Corruption Perceptions Index
The latest Corruption Perceptions Index shows a great improvement in Guyana’s score.
Related Stories
Kiribati
The Government of Kiribati selected FreeBalance to support effective public financial management (PFM) in 2022. Since then, the FreeBalance Accountability Suite™ has enhanced transparency and accountability, and helped build a resilient and prosperous future for the islands.
Costa Rica
In November 2023, the FreeBalance Platform was selected by the Government of Costa Rica to drive a comprehensive program of digital transformation in the Ministry of Finance.
Sri Lanka
The Integrated Treasury Management Information System (ITMIS) in Sri Lanka is part of a major reform initiative towards improved fiscal management in Sri Lanka through the Fiscal Management Efficiency Project.