WENO, Chuuk, June 25, 2024 (FSMIS) — Key finance personnel from throughout the nation are gathering in Chuuk this week for the 2024 FSM Finance Conference, co-chaired by the FSM Dept. of Finance and Administration and the host state Chuuk State Dept. of Finance. Convening under the theme of “Strong Public Finance Driving Inclusive Sustainable Development” the conference sets out to bring all state and national finance personnel together to share and discuss key updates, information and challenges in order to better synergize for more efficient delivery of services.Setting the tone for the first day was a presentation from the Office of Compact Management to discuss the requirements and financial processes to access the economic provisions under the recently passed amended “Compact 3”.
Other highlights on the week’s agenda include presentations from the Green Climate Fund’s FSM team, focused on enhancing access and managing climate finance for resilience. The conference also featured a showcase presentation to the nation on the new cloud-based Financial Management Information System (FMIS) which will support redesigning the current Public Financial Management (PFM) system and provide the national and state governments with a unified government technology platform and new tools to manage a wide-range of fiscal procedures including Budget Preparation, Compilation, Adoption & Execution, Bank and Treasury Management, Payroll and Personnel Management, Fixed Asset and Inventory Management, Project, Grant and Fund Management and enhanced access for citizens to information on how public funds are used, which will complement the FSM Dept. of Finance and Administration’s FSM Citizens Budget initiative launched earlier this year.
Central to driving the conference’s priorities and discussions were hearing presentations from each of the state department of finance Directors and heads of delegations. As highlighted in the T.H. Vice President Palik’s keynote remarks,
“the Simina-Palik administration is committed to reforming and strengthening public finance. We are focused on strengthening our institutions and processes at the national level that align budgets with policy priorities, delivering quality public services efficiently and affordably. In this effort, we must collaborate with the States…we envision a financial ecosystem that empowers each state and enhances our collective capacity to manage resources effectively.”
The rest of the week’s sessions will hear on progress of the FSM Strategic Development Plan and practical sessions on the procedures for Reconciliation of Federal Grants Reimbursements between the National Government and the States including Clearing of Encumbrances, Drawdown and Reporting Procedures, the Financial Management Regulations on Procurement and Procurement Contracting as well as updates on World Bank and Asian Development Bank projects. Other topics to be addressed include Insurance Matters, Audit Findings and Recommendations, Customs and Tax matters, initiatives around increasing Transparency and Citizens Engagement and an update on the FSM Trust Fund.
At the outset of the conference and in encouraging all participants to fully engage, T.H. Rose Nakanaga, Secretary of the FSM Dept. of Finance & Administration stated “The agenda for this Conference has something for everyone whether it is making ourselves ready for implementation of the new Compact, taking stock of our ongoing PFM Reforms or further developing our local capacities through effective implementation of our projects funded by our development partners and other trainings that are on offer. It is important that we take advantage of the opportunities provided by this annual gathering. Being away from our workstations allows us to look up from our daily work and look at the bigger picture without
distractions.”
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