- FreeBalance, a software company that helps governments around the world to leverage robust Government Resource Planning (GRP) technology to accelerate country growth, has been selected to provide Fiscal Agent financial software to Namibia, under the project funded by the Millennium Challenge Corporation (MCC).
The company announced today that IBTCI, International Business & Technical Consultants, Inc. will act as Fiscal Agent to provide financial management services for a poverty reduction grant. The poverty reduction grant will support approved educational, tourism, and agricultural projects as part of the Millennium Challenge Compact for the southern African state.
Using FreeBalance financial software, IBTCI, as Fiscal Agent, will diligently oversee all that financial management activities are conducted in strict compliance with MCC and MCA Namibia regulations, the company explained in its announcement.
“As a For Profit Social Enterprise software company, FreeBalance is eager to assist MCA Namibia in the goal of poverty reduction,” said Manuel Pietra, President & CEO of FreeBalance. “The MCA Namibia Compact has identified three key areas for development: education, tourism, and agriculture. Strong financial management is required to ensure improvements, especially in the education sector, so that the MCA Namibia goal of ensuring a textbook to learner ratio of 1 to 1," he added.
The FreeBalance Financials module will provide a common repository for all financial data, and will enable data audit management and reporting on multiple levels. The FreeBalance Purchasing module will provide an integrated procurement process to manage multi-item requisitions, purchases, and the receiving process, and, the Treasury module will manage cash, investments, debt and banking, the statement further explained.
In addition, the Treasury module will harmonise treasury operations across all levels of MCA Namibia as it mitigates fiscal risk. All of these modules were designed specifically for financial management with flexible budget controls and built-in commitment accounting. And, as MCA Namibia is an autonomous institution, these modules will be separate from the government of Namibia's system, the company explained.
“We're very pleased to have been selected as Fiscal Agent for MCA Namibia,” said Ajay S. Kalotra, CEO of IBTCI. “The importance of implementing a FreeBalance financial management system that ensures MCC funds are distributed properly to the three key areas of development is critical to the success of the overall MCA Namibia project.”
In July 2008, the MCC signed a five-year, $304.5 million Compact with the Government of Namibia to reduce poverty and accelerate economic growth. This Compact aims to improve the quality of education and training for underserved populations, and attempts to capitalise on Namibia’s comparative advantages.
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