2011 10-27 IFMIS - Debt Management Integration
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FreeBalance recently presented "FMIS Implementation: Experiences and Best Practices for Interface with Debt Management" at a forum organized by the Commonwealth Secretariat on October 26 – 27 in London, UK. Over 30 Ministry of Finance, Treasury, and Accountant General representatives from 12 countries participated in the two-day workshop. Attendees from the World Bank, International Monetary Fund (IMF) and Public Expenditure and Financial Accountability (PEFA) Secretariat also participated.
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2011 10-27 IFMIS - Debt Management Integration
- 1. Version 7 section • brief discussion IFMIS-Debt Management Integration
- 2. Version 7 section optimism? • brief discussion
- 3. Version 7 section • brief discussion pain
- 4. Version 7 section Version 7 section • brief discussion integration dimensions? 4
- 5. Version 7 section • brief discussion process 5
- 6. Version 7 section • brief discussion functional 6
- 7. Version 7 section • brief discussion technology 7
- 8. Debt Management? Budget Controls Legislative Approval Appropriations Budget Books Expenditures Debt Repayment Budget Law Procurement Planning Receipts Debt Revenue Debt Forecasting Civil Service Forecasting Monetary Policy Payroll Policy Treasury Cash Management Fiscal Policy Analysis Materials Social Programs Context: Government Resource Planning (GRP)
- 9. Version 7 section Context: 2011 IFMIS Footprint Version 7 section • Increasing “core” footprint • Footprint extending to non-core • brief discussion • Scenario planning & what-if analysis • Multi-year planning & multi-year commitments • Cash management functionality –Commitment cycle • Data warehousing
- 10. Version 7 section Process Version 7 section Debt Management Process IFMIS Processes Systems Overlap Processes • brief discussion Budget Formulation Planning Cash Planning Debt Planning Forecasting Budget Controls • Aid Management Appropriations • Cash Management Controlling Warrants Conditionality • Risk Management Commitments & • Performance Obligations Management Revenue / Executing Accounting Expenditures Reporting Financial Reporting Debt Reporting 10
- 11. Version 7 section Process Version 7 section Debt Management Process IFMIS Processes Systems Overlap Processes • brief discussion Budget Formulation Planning Cash Planning Debt Planning Forecasting Budget Controls • Aid Management Appropriations • Cash Management Controlling Warrants Conditionality • Risk Management Commitments & • Performance Obligations Management Revenue / Executing Accounting Expenditures Reporting Financial Reporting Debt Reporting 11
- 12. Version 7 section Process Version 7 section Debt Management Process IFMIS Processes Systems Overlap Processes • brief discussion Budget Formulation Debt Planning Planning Cash Planning Debt Forecasting Forecasting Budget Controls • Aid Management Appropriations • Cash Management Controlling Warrants Conditionality • Risk Management Commitments & • Performance Obligations Management Revenue / Executing Accounting Expenditures Reporting Financial Reporting Debt Reporting 12
- 13. Version 7 section Process Version 7 section Debt Management Process IFMIS Processes Systems Overlap Processes • brief discussion Budget Formulation Debt Planning Planning Cash Planning Debt Forecasting Forecasting • Aid Management Budget Controls • Cash Management Appropriations • Risk Management Controlling Warrants Conditionality • Performance Commitments & Management Obligations • Document Revenue / Management Executing Accounting Expenditures Reporting Financial Reporting Debt Reporting 13
- 14. Version 7 section what leads, what follows? Version 7 section • brief discussion
- 15. Version 7 section Functional Version 7 section Debt Management Function IFMIS Processes Processes • brief discussion Surplus/Deficit forecasting Cash & liquidity Analysis Cash & liquidity forecasting forecasting Macroeconomic data Macroeconomic data Cost Drivers Formulas Assumptions Historical trends Scenario Planning Formulas Data Database Database 15
- 16. Version 7 section Functional Version 7 section Debt Management Function IFMIS Processes Processes • brief discussion Surplus/Deficit forecasting Cash & liquidity Analysis Cash & liquidity forecasting forecasting Macroeconomic data Macroeconomic data Cost Drivers Formulas Assumptions Historical trends Scenario Planning Formulas Data Database Database 16
- 17. Version 7 section Functional Version 7 section Debt Management Function IFMIS Processes Processes • brief discussion Surplus/Deficit Cash & liquidity forecasting Analysis implications Cash & liquidity Debt forecasting forecasting Macroeconomic data Cost Drivers Macroeconomic data Assumptions Historical trends Scenario Planning Scenario Planning Formulas Formulas Data Database Database 17
- 18. Version 7 section Version 7 section • brief discussion strategic re-use? 18
- 19. Version 7 section Technology Version 7 section Integration Software Stack Methods • briefApplication discussion Security Near Real- Time Application Server Development System Database Management Batch System Operating System 19
- 20. Version 7 section Technology Version 7 section Integration Software Stack Methods • briefApplication discussion Security Near Real- Time Application Server Development System Database Management Batch System Operating System 20
- 21. Version 7 section Technology Version 7 section Integration Software Stack Methods • briefApplication discussion Security Near Real- Time Application Server Development System Database Management Batch System Operating System 21
- 22. Version 7 section Version 7 section • brief discussion what integration points & integration method?
- 23. Some Scenarios Version 7 section Version 7 section • Security scenario: –Single sign-on or segregated security? • brief discussion • Cash forecasting scenario: –Commitments, obligations, cyclical trends, current cash, debt repayments –Foreign exchange • Supplemental budget scenario: –Donor provides funds
- 24. Some Scenarios Version 7 section Version 7 section • Debt scenario: –Dispute with the lender • brief to default –Decisiondiscussion • Budget execution scenario: –Ensure debt revenue executes to intended program/ valid code combinations –Real-time cash/budget availability • Scenario scenario: –Macroeconomic shock
- 25. review Version 7 section • brief discussion 25
- 27. Version 7 section Good News Version 7 section • Cross-platform integration standards –Web-services, XML • brief discussion • Integration hubs –Business process management or workflow & enterprise application integration • Modern software design –Logical rather than physical level • Open systems –Reducing vendor lock-in
Notas del editor
- A pessimist says that IFMIS (government integrated financial management information system) integration with a debt management system is difficult. On optimism says: oh no, it’s much more difficult than you thought.
- Our experience has been painful as the integration issues are revealed
- What are the dimensions of integration?
- At the process level
- At the functional level – common concepts used by many applications at many points in the process
- Technical plumbing
- We can look at processes by those used for planning, controlling, executing and reporting
- We can follow the budge cycle in the IFMIS
- You can see the overlap with debt management
- If we go further and look at modules, we see more overlap. This overlaps with IFMIS modules and non-IFMIS modules like aid management.
- Let’s look at it from a business object perspective, particularly in the case of analysis.
- IFMIS has a database and methods used to model budget planning or cash management.
- Many of these same conceptual objects are used in debt management.
- Does it makes sense to segregate these functions? Budget, cash and debt all use forecasting. Should there be one “what if” analysis tool? Shouldn’t all modules use the same macroeconomic assumptions?
- In technology, we have the software stack – the infrastructure of applications and integration methods.
- Where does one integrate among applications? At the application layer or the database?
- Do these interfaces need to be near real-time or like payroll, batch?
- Here’s an example of a Minister’s dashboard showing budget execution and forecasts.
- Also showing macroeconomic information. There’s also sovereign fund information in the set of dashboards. So, there is clear value to integration.