Search Results for “developing countries” - Page 5 - FreeBalance

Search Results for developing countries

What does it mean to be a PFM Specialist? [Part 1]

Part 1: Public Financial Management focus is marketing, but not spin Doug Hadden, VP Products We operate in cynical times.  Social media quickly uncovers the truth in marketing spin. It’s got to the point where there is so much marketing hyperbole in the software industry that everyone dials the spin down a few notches. There … Continued

6 Conclusions on Development Impact

Factors That Impact Development in Developing Countries As a purpose-led organization, improving country growth through good governance is the core company mandate at FreeBalance. As such, FreeBalance participates in governance, development, foreign aid, ICT for development and transparency discussions globally. If it is true that economic growth by itself does not ensure development, hardly any … Continued

Activate Digital for Public Good and Achieve Digital for Resilience

Digital takeaways from the IMF/World Bank meetings How Did Digital Fit into Resilience Discussions? Some sessions clearly focused on digital. But even those that didn’t had digital in the background, as we pointed out in our takeaways: digital for social support (people, prosperity), public investment (planet, infrastructure) and debt. Resilience for crisis response was the … Continued

Digital Transformation and the Public Debt Crisis

Observations from the IMF/World Bank Meetings in Marrakesh The global economic community came together in October for the annual meetings of the International Monetary Fund (IMF) and the World Bank. Set against the historic backdrop of Marrakesh, Morocco, world leaders, policymakers, economists, and financial experts gathered to discuss the state of the world’s economies. In … Continued

3 Takeaways from the ODI Conference: “Navigating the polycrisis”

The Overseas Development Institute (ODI) convened a two-day Public Financial Management (PFM) conference. “Navigating the poly-crisis”, that attracted many practitioners and thought leaders last week (replay). This followed the International Consortium on Governmental Financial Management (ICGFM) conference the week before (our takeaways). Our takeaways from the ODI conference are: 1. Polycrisis requires public finance resilience … Continued

Role of Treasury Management Systems

Government financial management and accounting are different from that of private businesses. The accounting principles and regulatory requirements are unique to governments. For instance, governments have to maintain a high level of transparency and accountability, which requires the use of specialized accounting standards. Private sector ERP systems are not designed to handle these specific requirements and may not provide the necessary features to comply with the government’s regulatory and reporting requirements.

How to Stop Corruption in Government Procurement

Corruption is a complex and multifaceted issue that has far-reaching implications for government procurement. It has devastating effects on the overall functioning of government institutions and can lead to a breakdown in trust between citizens and their leaders. Find out how Government Resource Planning systems help to combat corruption in government procurement.

Good Practices in Chart of Accounts Design

The Chart of Accounts (COA) or “budget classification” is arguably the most critical part of effective Public Financial Management (PFM) reform and Integrated Financial Management Information Systems (IFMIS) design. The COA for government is more complicated than in the private sector and the COA often changes to reflect legal and financial management reform.

Public Financial Management and the Budget Cycle

Public Financial Management (PFM) is the process by which governments raise and spend public funds. It encompasses everything from budgeting, revenue collection, and expenditure management to treasury operations, auditing and civil service management. The budget cycle is the series of steps that governments follow to prepare, approve and implement their annual budgets.

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