Pathfinder Foundation event highlights urgency of public finance management in South Asia

The Pathfinder Foundation recently hosted a high-level event on “Managing Public Finance: The South Asian Experience,” bringing together scholars, think tanks, and experts. • Key Concerns: Pathfinder Foundation Chairman Bernard Goonetilleke emphasized the critical need for sound fiscal governance in the wake of recent socio-political crises in Sri Lanka, Nepal, and Bangladesh, underscoring that fiscal policy can no longer be treated as secondary. The discussion gained particular urgency following the catastrophic cyclone in Sri Lanka. • Global Debt & Data Gaps: Former IMF Asia and Pacific Department Director Anoop Singh delivered the keynote, noting the global economy's shift and the heightened role of public finance in economic growth. He highlighted that rising global debt, reaching historic highs, is significantly driven by "data gaps" – inconsistencies, misclassifications, and unreported debt/expenditure, often deliberate. Singh called for a robust framework for global financial reporting, supported by monitoring systems and upholding institutions. • Sri Lankan Context: Distinguished Fellows, former Central Bank Governors Dr. R.H.S. Samaratunga and Dr. Indrajit Coomaraswamy, also shared insights. The event's dialogue aims to guide Sri Lanka towards a sustainable and prosperous future through improved public finance practices.