Public Management of Public Investment Projects in Ukraine under Conditions of European Integration

Анотація

The article deals with the system of public investment projects management existing in Ukraine. The authors state its actual tasks concerning realization of EU-Ukraine Association Agreement. An estimation of quantitative parameters of public investment in terms of promotion of economic growth is carried out and its forms are determined. This made it possible to conclude on unwarranted plurality of the public investment projects' organizational forms in Ukraine which led to weak transparency and accountability in their realization. The article highlights the formation of the institutional framework for public management of public investment projectsthe legal base, responsible authority, methodological recommendations, and the creation of projects' pipeline. The authors analyze the activity of the recently set up Interdepartmental Commission on State Investment Projects. The weaknesses of public investment management in Ukraine are identified: imperfect procedure for initiating, appraisal and selecting public projects; lack of a single information system; insufficient control over the implementation of investment projects; lack of guarantees of their sufficient financing. The possibilities of the improvement of public investment management are considered in the light of the European integration orientation of the state development. Among them there are: setting of the adequate fiscal rules, clear definition of the PIP priorities, increasing the share of government investments that are managed as projects, setting of clear criteria and introducing of independent expertise of PIP' selection, strengthening institutional capacity of government agencies etc.

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