What is Public Procurement?
Public procurement refers to the purchase by governments and state-owned enterprises of goods, services and works. The public procurement process is the sequence of activities starting with the assessment of needs through awards to contract management and final payment.
As public procurement accounts for a substantial portion of the taxpayers’ money (approximately 12% of GDP and 29% of government expenditure in OECD member countries), governments are expected to carry it out efficiently and with high standards of conduct in order to ensure high quality of service delivery and safeguard the public interest.
Public procurement remains the government activity most vulnerable to waste, fraud and corruption due to the size of the financial flows involved.