Korea Local Finance Association Signs MOU to Join Global Public Finance Association

MOU Signed with U.S. GFOA
Discussions with IMF on Cooperation in Local Finance Statistics

The Korea Local Finance Association is expanding its global cooperation network after joining the Global Public Finance Association (GFPFA), an international consultative body in the field of public finance.

Kim Jongbeom, Executive Director of the Korea Local Finance Association (front row, left), is posing for a commemorative photo after signing an MOU between the LOFA and GFOA organizations on the 1st (Korean time) as the representative of the association. Courtesy of the Korea Local Finance Association

The Local Finance Association announced on September 4, 2026, that it visited the headquarters of the Government Finance Officers Association (GFOA) in Chicago, United States, on September 1 (Korean time), where it signed a memorandum of understanding (MOU) to join the GFPFA.

The GFPFA is an international consultative body launched in October 2025. Associations related to public finance from various countries, including the United States, Sweden, Australia, Japan, and South Africa, participate to share best policy practices and operate an international cooperation network.

The signing ceremony was attended by Kim Jongbeom, Executive Director, Lee Gyehyeong, Director of Fiscal Statistics, and two other delegates from the Local Finance Association, as well as Mike Mucha, Deputy Executive Director of the GFOA.

Capitalizing on this new membership, the Local Finance Association plans to expand exchanges on public finance issues with member countries such as the United States, Australia, and Japan. It will also participate in cooperation among member institutions, joint research, as well as educational and material development to promote the dissemination of international best practices.

The delegation also visited the International Monetary Fund (IMF), where they discussed the system for producing local government finance statistics (GFS) and ways to collaborate between institutions. The Local Finance Association submits the Korea Local Finance Statistics Report to the IMF each year.

During the meeting, both sides discussed ways to update Korea’s local government finance data, utilize settlement materials, and establish a network of international organization experts.

Kim Jongbeom, Executive Director of the Local Finance Association, stated, “With this agreement, we are now able to participate in international discussions on the disclosure and communication of local finance information. We will share each country’s experiences and review compliance with international guidelines to further enhance the global credibility of local government finance statistics.”

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