THE EFFICIENCY OF THE PUBLIC PROCUREMENT SYSTEM AND ITS IMPLICATIONS ON PUBLIC BUDGETS.

Public procurement is a crucial function of governments, accounting for a significant part of their expenditure. As such, ensuring the efficiency, sustainability, and integrity of public procurement processes is key to optimizing the use of public funds. This literature review examines existing research on public procurement, focusing on its impact on budgets, efficiency, and sustainability. The review highlights the importance of legislation and public policy in shaping procurement practices and identifies corruption as a significant challenge to achieving efficiency, sustainability, and budgetary impact. The examination also highlights various elements that can enhance the effectiveness of public procurement procedures, such as electronic procurement systems, involvement of stakeholders, and the incorporation of sustainability criteria. Overall, this literature review provides insight into the complexity of public procurement and makes recommendations for improving its efficiency, sustainability, and budgetary impact. The findings suggest that strengthening legislation, promoting transparency, and incorporating sustainability criteria into public procurement processes are essential to optimize the use of public funds and to ensure that public procurement is a tool for sustainable development. [ABSTRACT FROM AUTHOR]