GOVERNANCE AND INTEGRITY IN PUBLIC CONTRACTS: MITIGATING RISK, DIGITAL TRACKING, AND THE CENTRALITY OF TRANSPARENCY

Abstract

Public infrastructure megaprojects are critical for economic development but also represent significant fiscal and governance risks, often plagued by cost overruns, schedule delays, and mismanagement. This article examines strategies to strengthen governance and integrity in public contracts, focusing on risk mitigation in large-scale infrastructure projects, the role of digital tools in tracking public expenditures, and transparency as a fundamental safeguard for the public treasury. Drawing on empirical research and institutional frameworks, the analysis highlights the value of reference class forecasting and contractual risk-sharing, the adoption of interoperable e-procurement platforms, and the systematic disclosure of contracting data. Evidence demonstrates that transparency, when coupled with robust enforcement and analytic capacity, not only deters corruption but also improves efficiency and accountability in public procurement. The study concludes that integrity and governance mechanisms are indispensable pillars of sustainable infrastructure development, ensuring that public resources generate long-term value and public trust.