Institutional framework for public investment in Ukraine

Анотація

The article examines the theoretical and practical aspects of the institutional framework for public investment in Ukraine as a key instrument of state economic policy aimed at stimulating economic growth, modernizing infrastructure, and improving the quality of life of the population. It analyzes the current regulatory framework, organizational mechanisms, and institutional structures that shape the environment for the implementation of state investment programs at the central and regional levels. The research considers the main functions of public investment management, in particular: planning (defining strategic goals, forming investment priorities, developing state and regional development programs), organization (creating and coordinating the work of institutions responsible for project implementation), motivation (providing incentives for the effective participation of all stakeholders, including private partners), control (systematic monitoring and evaluation of the effectiveness of investment resources, auditing), and regulation (adjusting policies and projects to reflect changes in the external and internal environment). Key problems affecting the effectiveness of the institutional mechanism are identified, in particular the fragmentation and instability of the legislative framework, the lack of a unified strategic approach, insufficient coordination between central and local authorities, the low level of integration of management decisions, and the limited nature of modern tools for monitoring and evaluating the results of investment activities. Particular attention is paid to the study and generalization of European practices of public investment management. The possibilities of adapting these practices to Ukrainian conditions, taking into account the specifics of the economic and legal environment, are analyzed. The article suggests directions for improving the institutional framework for public investment in Ukraine, which provide for the harmonization of national legislation with EU standards, strengthening the institutional capacity of authorities, introducing uniform standards for investment project management, expanding the use of public-private partnerships, increasing the transparency of procedures, and strengthening the role of strategic planning at all levels of management. The results of the research can be used in the process of forming and implementing public investment policy, developing socio-economic development programs, improving mechanisms for monitoring the effectiveness of public investments, as well as in scientific and analytical activities to develop recommendations for achieving sustainable development goals in Ukraine.

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