Ottawa, Canada (March 22, 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.
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