The best public finance system for any country is one that reflects its economic structure, its capacity to administer its public finances, its public service needs and its access to different sources of finance such as taxation, debt or aid. Reforms to financial management systems and processes of governments are becoming critical, in line with increasing demands for greater transparency and accountability in the management of public finances.

The Integrated Financial Management Information System (IFMIS) is a software that assists civil servants to execute the PFM reform. The introduction IFMIS has become a core component of financial reforms to promote efficiency, security of data management and comprehensive financial reporting.

Public Financial Management (PFM) reform programmes have been geared in recent years at strengthening the rules and procedures that underpin the budget process. There is an ever-expanding body of evidence suggesting that countries with better-developed financial systems experience faster economic growth. Governments across the world are constantly searching for ways to improve their public financial management systems.

International Monetary Fund (IMF) and the World Bank have devoted considerable effort to promote among middle-income countries – especially emerging economies – the adoption of budget reforms that emphasise performance and results in using public resources.

This IFMIS whitepaper shows how SIL’s IFMIS solution has greatly improves the control of Finance ministries over the release of funds by the government. SIL’s IFMIS system allows to issue reports and other financial documents of great accuracy, presented in various forms, for better process management and decision making.