Supporting Digital Transformation in the Ministry of Finance

Costa Rica’s digital treasury transformation is driving the modernization of public financial management (PFM) with the support of FreeBalance.

FreeBalance is providing its unified government technology platform and specialist government advisory and technical implementation services to help the Government of Costa Rica create a new, citizen-centric, digital-by-design approach to transform its planning, budgeting, public expenditure, accounting, human resource management, reporting and treasury functions. 

The project, which is funded by the World Bank, will help public finance leaders in Costa Rica to:

• manage financial and people resources more efficiently and effectively
• increase clarity and predictability in the country’s financial and budgetary systems
• facilitate decision making with a centralized and integrated platform
• more effectively align resources with workload to increase productivity.

It will transform government financial management in Costa Rica at the strategic and operational levels. The project is also expected to have far-reaching benefits outside government operations:  

• more revenue will be generated for public investments through more efficient operations and the strengthening of public expenditure controls
• Costa Rican citizens will gain visibility into how public funds are collected, invested, and impact their lives
• customer service oriented attention will be embedded in all government units, reducing transaction costs and increasing citizen satisfaction.

FreeBalance’s role in the multi-year project includes:

• Implementing an integrated platform: the FreeBalance Accountability Suite™ centralizes budget planning, treasury, human resources, and procurement in a system called CR-TEZA
• Delivering real-time data: CR-TEZA will provide real-time financial data, helping decision-makers to allocate resources efficiently and improve fiscal policy
• Enhancing transparency and accountability: Reporting features enable better auditing and financial oversight to improve public finance transparency
• Building capacity: FreeBalance is training government personnel to ensure they can use the system effectively and respond to future challenges
• Ensuring sustainability: A local FreeBalance office in San José provides ongoing support and will ensure the system scales to meet future needs.

From left to right: Matthew Riley (CNS Director of Strategy and Alliances),
Solana Olivo Brito (World Bank Project Coordinator), Luis Richmond (FreeBalance Project Manager),
Nogui Acosta Jaén (Minister of Finance), andMarcos Peanos (FreeBalance Vice President of Sales)
at the project kick off event in January 2024.

From left to right: Cristian Barquero Alvarez (Hacienda Digital Project Director),
Manuel Schiappa Pietra (FreeBalance President and CEO), Nogui Acosta Jaén
(Minister of Finance), and Rodrigo Chaves Robles (President of Costa Rica).