In the Middle East region, Egypt was among the leaders implementing new systems to gain greater transparency in its fiscal management processes. During the past years, the Egyptian Ministry of Finance (MoF) has been planning for fiscal reform to assist with modernization of the Public Finance Management. Accordingly, MOF decided to introduce its huge initiative for applying the Government Fiscal Management Information System (GFMIS) to support public sector fiscal reform and to increase transparency of public finance and accounting and to improve the effectiveness, efficiency and the economy of public service delivery.
The System had to be fully complied with the World Bank technical Paper 505 on the Treasury Reference Model, which shortly mandates the following objectives:
• Aid strategic management of public financial resources
• Enhanced accountability,
• Cost effective public service delivery,
• Economic growth and Poverty reduction efforts
Having the Capacity of managing, building and delivering Nation Wide enterprise Integrated Financial Systems, e-finance has successfully delivered a Program that Comprises Interdependent large scale projects for implementing the required IT infrastructure, Datacenter, Networks, Systems, Applications Implementation, and Finally the Operation Services needed to maintain the business continuity provided to end users.
The success of our implementation for the GFMIS in Egypt encourages us to make our capabilities available for other countries undergoing a fiscal reform. Addressing this subject, e-finance can provide:
• Full support for financial management and reporting at the level of individual institutions;
• Full financial management and reporting support at the level of the Accounting Unit.
• Ability to drill down into financial information from the highest level to the lowest level of the Public Sector institutions;
• Ability to follow through and report financial information on programs and projects that run across a number of Public Sector institutions;
• Ability to effectively plan and monitor performance on an ongoing basis rather than view historic accounting information;
• Real time access to up to date financial data from across the Public Sector;
• Through automation provide opportunities to focus resources on improving quality of information rather than processing information;
• Significantly reduce the need for paper handling and optimization of business processes through electronic exchange of information and built in controls;
• Considerable improvement in transparency, accuracy, timeliness, audit ability of financial information;
• Ability to delegate responsibility and measure performance;
• Powerful management reporting, combining financial and operational information to plan and measure performance;
• Better overall Public Sector performance and accountability.
Finally The Egyptian Ministry of Finance has realized the following:
• Increment in the ability to undertake central control and monitoring of expenditure and receipts in The Ministries and Departments.
• Increment in the ability to access information on financial and operational performance.
• Increment in the internal control to prevent and detect potential and actual fraud.
• Increment in the ability to access information on the government’s cash position.
• Increment in the ability to access information on economic performance.
• Improvement of medium term financial planning
• Increment in the ability to understand the costs of groups of activities and tasks.
• Increment in the ability to demonstrate accountability to stakeholders like donors, public etc.
e-finance’s GFMIS rollout task force provides:
• Establishing a criterion for new organization to join GFMIS.
• Maintaining a database of public sector organizations and their status in relation to GFMIS implementation.
• Selecting organizations that should be granted access to GFMIS, grouping them and planning the implementation of the systems in groups of organizations
• Preparation of implementation action plan and check-lists based on the key requirements of the particular organization
• Ensuring that the organization is ready to connect to GFMIS and has implemented the minimum infrastructure required
• Arranging training sessions for selected groups
• Appointing implementation teams to support the organization on implementation issues
• Overseeing the successful implementation of the system
• Project management and reporting
• Preparation of periodic newsletters to communicate progress of GFMIS roll-out and relevant issues