Sri Lanka, Feb. 12 -- Pay-for-Success (PFS), also known as Social Impact Bond (SIB) and Social Benefit Bond in other places, is an innovative financing model for social services that has been gaining widespread interest across the globe. Pay for Success is a set of innovative outcomes-based financing and funding tools that directly and measurably improve lives by driving resources toward results.

These tools centre on four core principles:

* Clearly-Defined Outcomes

* Data-Driven Decision Making

* Outcomes-Based Payment

* Strong Governance and Accountability

Pay for Success is applied across the public, private, and nonprofit sectors. From helping governments efficiently allocate taxpayer dollars to programs that better serve consti...