Challenges and perspectives of municipal participatory budgeting in Georgia

The article explores, based on the latest literary sources, an important issue in financial theory and economic practice, namely the problems and prospects of municipal participatory budgeting in Georgia. It emphasizes that the process of participatory budgeting is an innovative model for proper governance that promotes inclusive democracy, leads to the modernization of the public sector, increases accountability of the executive branch to the public, and represents an effective process of democratic dialogue and decision-making between the government and the population. It is shown that municipal participatory budgeting has been introduced in Georgia in two forms: the "Civil Budget" participatory budgeting project and the VOICE participatory budgeting project. Each has its strengths, weaknesses, and challenges. Conclusions and recommendations are drawn regarding the ways of developing participatory budgeting models implemented in Georgia.