Transparency and efficiency of public financial management

State authorities use public finances in the processes of implementation of the governance and make decisions on the use of public finances. The transparency and cost-effectiveness of the process play an important role in this process.

The efficiency of public finance management determines the irreversible process of state development. Under the good governance, state decisions and financial transactions are available to all stakeholders. This principle ensures the involvement of citizens in the process of public financial management and increase the efficiency of public financial management.

References

1. Kakulia R., Djibouti A., Bakhtadze L. Public Finance, Tbilisi, 2010 p. 9
2. Rosen H. S., Public Finance, Princeton University, CEPS Working Paper No. 80, 2002, p. 1-2
3. Hyman D. N., Public Finance: A Contemporary Application of Theory and Policy, Cengage Learning, 10th Edition, 2011;
4. Kakulia R., Djibouti A., Bakhtadze L. Public Finance, Tbilisi, 2010 p. 13-16
5. "Public Financial Management Reform Strategy" https://www.mof.ge/images/File/strategia/2018/PFMRS-2018-2021-2606-final.pdf 2018-2021
6. Kenneth A.J., Economic Welfare and Allocation of Recourses for Invention, Princeton University Press, 1962, p. 609-610
7. Kakulia R., Djibouti A., Bakhtadze L. Public Finance, Tbilisi, 2010 p. 24-25
8. State Audit Office Performance Audit Methodology - http://sao.ge/files/kanonmdebloba/PA%20Leaflet%20GEO.pdf
9. Heming R., Potter b. And Allen R .; The International Handbook of Public Financial Management, Palgrave Macmillan Publishing, 2013
10. "Public Financial Management Reform Strategy" https://www.mof.ge/images/File/strategia/2018/PFMRS-2018-2021-2606-final.pdf 2018-2021 - Last Login 17.01.2022
11. Matthias Mering, External and Parliamentary Financial Control, GIZ Public Financial Management Program in the South Caucasus, Bonn, Germany, 2014;
12. Backhaus J.G., Wagner R.E., Handbook of Public Finance, Kluwer Academic Publishers, Boston, USA, 2004
13. Public Financial Management Performance Measurement Framework, PEFA Secretariat, Washington DC, USA, 2011
14. Rose HS, Public Finance, Georgian Institute of Public Affairs, Tbilisi, 2006
15. Tsaava G. And Khantadze G., Public Finance, Dani Publishing House, Tbilisi, 2015