Technological Opportunities and Recommendations for Modernizing Integrated Financial Management Information Systems in Latin America and the Caribbean
Peer Reviewed
Date issued
Jan 2019
Subject
Information and Communication Technology;
Cloud Computing;
Public Expenditure;
Fiscal Transparency;
Financial Management;
Public Financial Management
JEL code
O30 - Innovation • Research and Development • Technological Change • Intellectual Property Rights: General;
O33 - Technological Change: Choices and Consequences • Diffusion Processes;
H60 - National Budget, Deficit, and Debt: General;
H20 - Taxation, Subsidies, and Revenue: General;
H50 - National Government Expenditures and Related Policies: General;
H70 - State and Local Government • Intergovernmental Relations: General;
H57 - Procurement
Category
Discussion Papers
Based on the analysis of some success factors of integrated financial management information systems (IFMIS) in Latin America and the Caribbean (LAC), this paper identifies the technological pillars of a modernization strategy for these systems as a platform for public expenditure management and makes recommendations. It also describes aspects of properly maintaining these systems, extending their life cycles, using international best practices on information technology management, focusing on system users, expanding the use of cloud-based data and services, sharing programming codes, exploring the use of new distributed ledger technologies, expanding horizons for electronic payments, and increasing the use of data analytics, among other emerging technologies.
