Tripoli: Minister of Finance Khaled Al-Mabrouk recently held a meeting with representatives from the Canadian company Free Balance and its local partner, Digital Guide for Information Technology. This meeting was part of a broader initiative focusing on digital transformation and public finance reform within Libya.
According to Libyan News Agency, the meeting featured a comprehensive presentation by Free Balance on their Government Financial Management Information System (GFMIS) and the Treasury Single Account (TSA). The company highlighted its extensive experience in implementing these digital solutions in over 28 countries worldwide, emphasizing the potential benefits for Libya.
The presentation led to a detailed discussion about the advantages of these systems in reforming Libya’s public finance sector. Key points included improvements in expenditures, procurement processes, tenders, revenue collection, budget classification, chart of accounts, and liquidity management.
The meeting, which saw participation from undersecretaries and directors of various departments and offices, concluded with an agreement to continue discussions and conduct necessary assessments regarding the implementation of these systems in Libya.
Minister Al-Mabrouk reiterated his support for enhancing public finance management and adopting international best practices. He emphasized that these reforms are crucial for improving state fund management, along with enhancing disclosure and transparency.