Kick-off on “Consulting for the preparation of a Regional Study to determine the level of implementation of digital technologies and innovative solutions for Public Financial Management (PFM) in FOCAL member countries.”

Montevideo, April 25, 2024.

BID authorities, representatives from the 18 FOCAL member countries, and a Sofis Solutions team participated in a kick-off meeting where the working methodology to be used for conducting the Regional Study for FOCAL member countries was presented.

Last Friday, April 5, the kick-off for the “Consulting for the preparation of a Regional Study to determine the level of implementation of digital technologies and innovative solutions for Public Financial Management (PFM) in FOCAL member countries”. took place in a virtual setting attended by authorities from the Inter-American Development Bank (IDB), members from the 18 countries forming the Latin American Government Accountancy Forum (FOCAL), and the Sofis Solutions team.

This meeting served as the starting point of the consultancy to present the study’s objectives, the process and scope, milestones and FOCAL members’ interventions, the working methodology, the expected study results, and other key elements covered by the consultancy.

The study focuses on creating a maturity model to identify and assess the level of development of FOCAL member countries in implementing technologies and innovative solutions for PFM, as well as understanding the needs regarding the implementation of innovative technologies applied to PFM and enabling the exchange of experiences that have enhanced PFM development in Latin American countries.

Joaquín Montano, President of FOCAL, indicated that through the study, the governance and maturity of Financial Management Information Systems (FMIS) will be understood: “…we will learn about the structure of these FMIS, their evolution, the progress achieved by countries, as well as the role they are playing across all FOCAL network countries in the region.”

FOCAL is a network of Latin American countries that contributes to the development and strengthening of public accounting in accountability and fiscal transparency. To date, 18 countries are part of this network, exchanging experiences on topics of common interest related to government accounting in Latin American countries. 

According to the network’s general objectives, this year the study was planned to focus on the implementation of technological solutions that member countries have executed or are planning to implement to improve PFM.

The study will be conducted through digital surveys, enabling the first application of the maturity model, as well as virtual and/or in-person interviews. The dimensions covered include: the regulatory framework for PFM and FMIS, digitalization strategies, technological innovation, interoperability, and data architecture.

To carry out this study, FOCAL requested technical and financial support from the Inter-American Development Bank (IDB) to hire consultancy services for conducting the regional study, with Sofis Solutions being the selected company.

“…The Inter-American Development Bank is a very close ally of FOCAL, and one of our priorities is to continue maintaining and strengthening this strategic partnership that benefits all countries in the region, supporting the development and strengthening of public accounting and financial management in general.”, stated Santiago Schneider, Financial Management Coordinator at the IDB.

For his part, Gustavo Cirigliano, Director of Sofis Solutions, stated:  “Through this consultancy, we hope to contribute to the analysis of how countries in the region have progressed in implementing FMIS and collaboratively identify improvement opportunities.”