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Marx vs. Modern Public Finance in Sri Lanka From Fiscal ... - LinkedIn
Abstract The resurgence of fiscal reform in Sri Lanka—particularly through the Public Financial Management Act, No. 44 of 2024, and the Public Debt Management Act, No. 33 of 2024—marks a decisive shift toward rule-based governance of public finance. Yet, these reforms primarily address transparency, discipline, and accountability within the state apparatus. This article juxtaposes these modern frameworks with the foundational critique of capitalism presented by Karl Marx in Das Kapital, arguing that while Sri Lanka’s reforms mitigate fiscal mismanagement, they do not fully address deeper structural issues of distribution, inequality, and economic power. The article proposes a hybrid policy lens—moving from fiscal control toward fiscal justice. 1. Introduction Public finance reforms in Sri Lanka are often framed as technical corrections to past failures—unsustainable debt, weak fiscal discipline, and lack of transparency. However, these reforms exist within a broader economic system shaped by distributional dynamics. Marx’s central objective in Das Kapital was to “lay bare the economic law of motion of modern society.” That objective remains highly relevant: modern fiscal systems cannot be fully understood without examining how value is created, distributed, and controlled. This article explores the intersection between Marx’s critique of capitalist accumulation and inequality Sri Lanka’s emerging rule-based public finance architecture 2. Marx’s Framework: Value, Surplus, and Inequality Marx’s analysis begins with a simple but powerful observation: Labour creates value Workers are paid wages The value produced exceeds wages The difference becomes surplus value (profit) This leads to three structural outcomes: Concentration of wealth Recurring economic crises Power asymmetry between labour and capital For Marx, these are not accidental—they are built into the system itself. 3. The Modern Public Finance Response Modern public finance does not seek to replace capitalism. Instead, it attempts to manage its risks through institutional controls. In Sri Lanka, this is reflected in: 3.1 Public Financial Management Act, No. 44 of 2024 Requires a Fiscal Strategy Statement Introduces quarterly fiscal reporting Strengthens budget transparency and accountability Mandates reporting on State-Owned Enterprises (SOEs) 3.2 Public Debt Management Act, No. 33 of 2024 Centralizes borrowing authority Requires alignment with a debt management strategy Introduce...
Public Financial Management System (PFMC) - IndiaFilings
Sinduja ShankarExpertPublished on: Apr 20, 2026 Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. It is an online transaction system for fund management and e-payment to implementing agencies and other beneficiaries. PFMS is a single platform for payment, accounting and reconciliation of Government transactions. Let us look in detail about the Public Financial Management System in this article. Objectives The objective of the Public Financial Management System (PFMS) is to establish an efficient fund flow system and expenditure network. The PFMS also provides various stakeholders with a reliable and meaningful management information system and an effective decision support system. The online payment and accounting system is being proposed through this portal for all the non-plan expenditure. The payment process in PFMS starts at Programme Division level. It moves further through Drawings and Disbursing Officer to Pay and Accounts Office for making payment directly to the bank account of the beneficiary. Benefits under PFMC The tracking of support is provided at the flow of funds to the lowest level of implementation. It facilitates the beneficiaries with the online information of bank balances to provide “just in time” provision of funds to the implementing agencies. This system facilitates with E-Payment to the ultimate beneficiaries. The Decision Support System (DSS) that supports various decision-making levels including operational level decisions and tactical level decisions of programme managers. The use of PFMS has made mandatory for the payment, accounting and reporting under Direct Benefit Transfer. No payments under the Direct Benefit Transfer (DBT) schemes are to be processed, unless the electronic payment files for the payments that are received through the PFMS system. The copies of sanction orders will be available in pdf format for the State users. The utilization can be monitored by State Departments for the Schemes where Funds received from the Government of India is further transferred to Implementing Agencies (IAs) such as State Health/ Education Societies using PFMS-CBS Interface. The PFMS progress towards the wide integrated financial management system as a comprehensive payment, receipt and accounting system. The main purpose of the PFMS is to improve the financial management/ programme, reduce...
Public Debt Management Office Drives Sri Lanka's Remarkable Fiscal ...
Sri Lanka recently received the Commonwealth Public Debt Management Awards regional recognition for Asia-Pacific, highlighting the country's success in navigating one of the most complex sovereign debt restructurings in recent history. Government data shows total public debt stood at approximately $96.9 billion as of April 2026.
Sri Lanka to see slow growth, widening fiscal deficit: Fitch | Daily FT - newspaper - Read this story on Magzter.com
Sri Lanka's 'CCC+'rating is constrained by elevated general Government indebtedness and a high interest/revenue ratio even after the sovereign's 2024 debt restructuring.
