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South Korea To Host Asia-Pac Fiscal Management Network

by Mary Swire, Tax-News.com, Hong Kong

12 December 2012


Following the signature of an agreement between the Korea Institute of Public Finance and the World Bank (WB), it has been decided that the Secretariat for the Public Expenditure Management Network in Asia (PEMNA) will be located in Seoul, South Korea.

PEMNA is a peer-learning network that was launched in June 2012 to share fiscal policies, systems and related experience among the 17 member countries in the Asia-Pacific region, conduct joint research on fiscal policies and systems, and develop a cooperative environment. It is said to be significant in that it was formed to promote fiscal policy-related research and exchanges.

In addition to the 17 member countries, which include South Korea, China, Japan, the 10 Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), Australia, New Zealand, Mongolia and East Timor, organizations such as the WB, Organization for Economic Co-operation and Development (OECD), International Monetary Fund (IMF) and Asian Development Bank (ADB) will also participate as cooperative partners.

The PEMNA Secretariat will manage the organization’s overall activities, from holding workshops and sharing policies and experience in implementing public financial management reform, to conducting research with international organizations. The Secretariat is expected to serve as a window to communicate with fiscal experts in the WB, OECD, IMF and ADB.

"PEMNA helps people learn how to improve management of public funds. This is good for governments and citizens" said Pamela Cox, WB Vice President for East Asia and the Pacific. "The network will share operational solutions and better ways for governments to manage their finances."

PEMNA was launched in June 2012 in Bangkok, to provide the forum where public financial management professionals can meet periodically and engage in a various activities such as face-to-face workshops, exchange visits, videoconferencing and internet-based interactions to learn from their counterparts from neighboring countries of the region.

Simultaneously, it launched two "communities of practice" (CoPs): a budget CoP and a treasury CoP where network members can share specific knowledge and expertise.

TAGS: Finance | tax | economics | Brunei | Burma | fiscal policy | budget | Organisation for Economic Co-operation and Development (OECD) | International Monetary Fund (IMF) | Australia | China | Laos | Mongolia | Philippines | Singapore | Thailand | Cambodia | Indonesia | Korea, South | Malaysia | New Zealand | Japan | Vietnam

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