An agreement signing ceremony on IFMIS implementation takes place in Vientiane on April 28.

Ministry, DBA Global Shared Service Inc. partnering to enhance public finance management 

The Ministry of Finance and DBA Global Shared Service Inc. have signed an agreement to implement the Integrated Financial Management Information System (IFMIS), worth more than US$6 million.
Three other companies are co-developers in the IFMIS system development, namely Optise Pty. Ltd and New Quantum from Australia, and INOVA Consultant Company in Laos.
This agreement signing on the purchase and hire of IFMIS is an open and international format, and is a key element of the work plan of the Enhancing Public Finance Management through Information and Communication Technology and Skills (E-FITS) Project.
Implementation of the Integrated Financial Management Information System is being funded by a loan from the World Bank.
The E-FITS project aims to implement the vision by 2030 and the development strategy of the finance sector by 2025, to move the public finance sector towards a strong, transparent, modern and fair system of management.

Mr Bounpone Vannachit (right) and Mr Alec Tucker display the signed project agreements.

Mr Bounpone Vannachit (right) and Mr Alec Tucker ink the agreements, witnessed by representatives of the World Bank, the EU and line departments.

An agreement on the project was signed on April 28 by Deputy Minister of Finance Mr Bounpone Vannachit and Chief Technology Officer (CTO) of DBA Global Shared Service Inc., Mr Alec Tucker.
The representatives of the World Bank in Laos, the European Union in Laos, a delegation from DBA Global Shared Service Inc., Optise Pty. Ltd, New Quantum, INOVA Consultant Company in Laos, and the Ministry of Finance witnessed the signing of the agreement.

Mr Bounpone Vannachit (right) and Mr Alec Tucker shake hands after signing the agreement.

According to DBA Global Shared Service Inc., the modernisation of financial information management is essential to provide detailed information, in line with policy, effective management, transparency and responsibility in the management of income and expenditure of the state budget, in order to raise public finance management to international standards.
This will ensure that analysis and financial policy determination is clear and in line with the actual situation, and is fair and complies with the general direction and policy of the government as defined in National Socio-economic Development Plans.
The Ministry of Finance acknowledges the importance of using a modern system in the management of government financial information, and to this end will purchase and hire the IFMIS system with the support of the World Bank.
The IFMIS procurement process is taking place through an open international system and through an evaluation process according to the rules of the World Bank on behalf of the donor and in line with government regulations.
IFMIS involves many aspects, including formulating budget plans, implementing budgets, and summarising reports.
It is requested that the relevant departments appointed to carry out the project act responsibly and actively pay attention to the implementation of assigned project work, so as to achieve the expected levels, meet schedules, and achieve the main objectives of the project.

By Advertorial Desk
 (Latest Update May 2, 2023)