The Government of the Federated States of Micronesia (FSM) has officially launched its new Financial Management Information System (FMIS), a major milestone in the country’s ongoing Public Financial Management (PFM) reform program supported by the World Bank.
The new system, developed with support from FreeBalance, modernizes how public funds are managed, reported, and accounted for across the national and four state governments. Known as GoFSM, the FMIS integrates key financial functions such as budgeting, treasury operations, payroll, and accounting into a unified, transparent platform.
The launch event, held in Palikir on 6 October 2025, brought together senior government officials, including Vice President Aren B. Palik and Secretary of Finance and Administration Rose N. Nakanaga, alongside representatives from the World Bank and FreeBalance.
In his remarks, Vice President Palik described the FMIS as “a transformational tool that modernizes governance and strengthens the nation’s foundations.” Secretary Nakanaga emphasized that the new system marks “a leap forward in how we, as a nation, manage public funds.”
Speaking ahead of the launch event, FreeBalance’s President and CEO Manuel Schiappa Pietra said, “FreeBalance is proud to support the Federated States of Micronesia in this important milestone of FMIS modernization. This initiative strengthens transparency, accountability, and efficiency in public financial management, ensuring that resources are managed effectively for the benefit of all citizens. We look forward to continuing our collaboration with the Government to sustain these reforms and build lasting impact.”
The FMIS is part of a broader reform initiative to enhance fiscal transparency, improve efficiency, and strengthen service delivery across the country. Earlier this year, FSM launched a new Revenue Management System (RMS), forming with GoFSM an integrated foundation for sustainable and accountable public finance.
FreeBalance is proud to support the Government of the Federated States of Micronesia on this important modernization journey.
Read the full press release on the FSM Government website
From left to right: FSM’s Vice President Aren B. Palik,
FreeBalance Director of Services Rajesh Bhandari and
Secretary of Finance and Administration Rose N. Nakanaga at the launch event.
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