Features of preparing public investment projects and programs: prospects, advantages, and problems

Анотація

The effectiveness of preparing and creating public investment projects is an important challenge today in the context of a critical approach to the formation of sources of public investment and the lack of sufficient funds to meet the full needs of the dynamic economic development of the state, regions, and local communities. A positive result can only be achieved by identifying and adhering to effective criteria for public investment, which begins at the stage of preparing strategic development plans and medium-term plans and is implemented in the process of systematic management at the appropriate level. Prolonged military action in certain parts of the country, the destruction of critical infrastructure and housing throughout the state are leading to a new perception and vision of the distribution of public funding sources, in particular state and local budgets and other sources. The purpose of this article is to analyze the use of public investment in Ukraine, the prospects, advantages, and problems related to the preparation of investment projects and programs, as well as their preliminary and complete technical and economic justification. The article analyzes the peculiarities of the use of public investments at the current stage of Ukraine’s development, the improvement of the system of management of investment projects and programs implemented with funds from the state and local budgets and other sources attracted as public investments. Attention is drawn to the main provisions of certain resolutions of the Cabinet of Ministers of Ukraine that regulate the management of public investments and the marketing approach in investment processes for the implementation of the state strategy for regional development. The role and model of public investment for territories and regions are outlined, approaches to the formation of preliminary and complete technical and economic justification of investment projects and programs are disclosed, and problems that may arise in territorial communities during their preparation are indicated. Emphasis is placed on the use of problem-priority, marketing, and smart approaches in the process of selecting investment projects and programs for the formation of a unified project portfolio of public investments.

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