Financial Management Information System Introduced

Treasury Administration has introduced Financial Management Information System worth EUR14m that will enable budget savings, Treasury Director Ivan Maricic told a news conference today. He said that application of the new system will enable more efficient control and increased transparency in spending taxpayers’ money, and improve Serbia’s management of the EUR8.8bn public debt.

Treasury Administration has introduced Financial Management Information
System worth EUR14m that will enable budget savings, Treasury Director Ivan
Maricic told a news conference today. He said that application of the new
system will enable more efficient control and increased transparency in spending
taxpayers’ money, and improve Serbia’s management of the EUR8.8bn public debt.

"The System provides for electronic linking of budget users and for
issuance of payment orders", Mr. Maricic said and added that 110 budget
users and 145 branch offices of the Treasury Administration have been connected
to the information system to date. According to Mr. Maricic, system installation
will be completed in the next two years linking additional 3.500 indirect
budget users, such as schools or hospitals, which will further increase users’
discipline and reduce public spending.

Head of Operations in the European Agency for Reconstruction in Serbia,
Christos Gofas, said that introduction of the system was initiated in 2006, as
part of the EU assistance programme on public finances reform, worth EUR35m.
"With the new system Serbia will increase efficiency and transparency in
public finance management and approximate the EU standards", Mr. Gofas
pointed out.

The Financial Management Information System was developed and introduced by
American company Hewlett-Packard. HP Managing Director in Serbia Slobodan Radic
said that the system implemented in Serbia includes budget execution, public
debt management and accounting improvements similar to the solutions that HP
has developed in other European countries. He highlighted that the system’s
security is at a particularly high level, since it contains all elements of
hardware-software protection.