ENSURING EFFECTIVE FINANCIAL CONTROL IN THE PUBLIC PROCUREMENT SYSTEM

Abstract

Public procurement refers to the process through which state bodies, organizations, enterprises, and budgetary institutions acquire goods, works, and services, based on established requirements, in order to fulfil their functional tasks, provide essential services to the population, and implement various socio-economic programs. Public procurement occupies a critical place in the effective management of public finances and serves as one of the principal instruments to ensure the purposeful, efficient, and rational utilization of budgetary funds and financial resources of state enterprises.