FreeBalance is a strong proponent of aid transparency and the use of country systems. The proposed IATI standard will reduce aid transaction costs while providing insight into how aid programs can be optimized.
Ottawa, Canada (Vocus) March 23, 2010
FreeBalance, a global software company that helps governments leverage robust Government Resource Planning (GRP) technology to accelerate country growth, will be attending the International Aid Transparency Initiative (IATI) Technical Advisory Group from March 22 to 23 at Queens College in Oxford, UK. FreeBalance will also be attending the Aid Transparency and Development Finance: Lessons and Insights from AidData conference from March 22 to 25 at University College in Oxford, UK.
The IATI aims to make information about aid spending more transparent, easier to access, use and understand. The Technical Advisory Group (TAG) includes users and providers of aid data and statistics, and experts in using technology for aid effectiveness. The TAG addresses the challenge of aid classifications. Donors, governments, and NGOs who implement donor funds account differently: different fiscal years, project descriptions, budget classifications and levels of detail. This makes it difficult to trace the donor funds from source to execution to outcome. This reduces and impedes donor aid transparency.
As a contributing member of TAG, FreeBalance has provided insight into how governments classify funds, programs, projects, and sectors.
AidData is a development finance portal that delivers a better understanding of the impact of foreign aid. The goal of AidData is to help improve aid coordination, assist in measuring the effectiveness of development finance, and provide information to improve allocation decisions by donor governments.
“FreeBalance is a strong proponent of aid transparency and the use of country systems,” said Doug Hadden, VP Products of FreeBalance. “The proposed IATI standard will reduce aid transaction costs while providing insight into how aid programs can be optimized."
The FreeBalance Accountability Suite is a Government Resource Planning (GRP) solution supporting transparency and accountability. FreeBalance solutions for governments and external aid projects and funds simplify administration and reduce transaction costs for government or private organizations managing aid projects. The FreeBalance Accountability Suite automates reporting to donors, project finance management, and project performance management. The FreeBalance solution operates in developing nations around the world, including low-capacity countries, and providing effective donor reporting that meets international standards.
FreeBalance customers span the globe and the user community includes public financial management professionals in 18 countries, including Kosovo, Afghanistan, Timor-Leste, Antigua Barbuda, Mongolia, Palestine, and Sierra Leone. FreeBalance operates in 15 customer time zones. FreeBalance has more than 60,000 users around the world. FreeBalance software manages a global civil service workforce of 1,500,000, and also manages a quarter trillion ($US) annual budgets worldwide.
About the International Aid Transparency Initiative (IATI)
The IATI is a new, multi-stakeholder initiative which aims to increase the availability and accessibility of information about aid. This will help to ensure that aid is used in the most effective ways in fighting poverty. Launched at the Accra High Level Forum on Aid Effectiveness in September 2008, IATI now has 16 donor signatories and a growing number of endorsements from developing countries. IATI is still at an early stage. Detailed scoping and consultation work is on-going to ensure that the initiative meets the needs of key stakeholders and that the agreements reached are realistic for donors to deliver. For more information, please visit http://aidtransparency.net/.
AidData attempts to capture the universe of development finance, increase the value of data by providing more descriptive information about development activities, provide data in an accessible format, and strengthen efforts to improve donor and recipient strategic planning and coordination. AidData now has information on more than 850,000 development activities financed by approximately 70 countries and multilateral institutions from 1946 to the present day. The database continues to grow daily, providing new insight into where aid is going and providing a key building block for a new international system of aid transparency. For more information, visit http://aiddata.org/oxford/home.
FreeBalance helps governments around the world to leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance software solutions for public financial and human resource management support reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results.
Founded in 1984, FreeBalance is a for-profit-social-enterprise (FOPSE) company headquartered in Ottawa, Canada, with sales and support offices in Washington, DC (United States), Lima (Peru), Lisbon (Portugal), London (Great Britain), Pristina (Kosovo) and St. John (Antigua and Barbuda). FreeBalance solutions have been implemented in countries across the globe, including Canada, United States, Sierra Leone, Guyana, Pakistan, Mongolia, Afghanistan, Antigua & Barbuda, Timor-Leste, Republic of Kosovo, Palestine, Panama, and Uganda. For more information, visit http://www.freebalance.com.
FreeBalance Media Contact:
Public Relations Specialist
Tel: +1 (613) 218 4938