Де буксує реформа публічних інвестицій

06.10.2026, 09:20◉ 02 min readEditorial team “SHCHO STALOSIA”

Реформа не може створити гроші, яких нема. Проте вона має забезпечити, щоб кожна доступна гривня витрачалася ефективно.

English translation is temporarily unavailable. The Ukrainian original is shown.

There are reforms, where even the name is complicated, and what can we say about the content. This is the reform of public investment management, which is called PIP or used the English abbreviation PIM (public investment management).

In particular, we are talking about schools, hospitals, water pipelines, energy facilities, shelters. Such projects can be financed by means of state or local budgets, international assistance, bank loans or money from private investors.

During wartime, such funding is limited, so it is necessary to use the available funds as efficiently as possible to achieve the best results.

The relevant reform is devoted to building a new process of effective public investment and achieving results. Ukraine has recently launched a new cycle of reform, within which the state and hromadas have identified priorities for public investment. However, in many cases, the lists turned out to be so broad that everything or at least everything that could be prepared became a priority.

Details

The idea of the reform is that both the state and hromadas move from the strategy to the result, that is, from the vision of the development of the country, sectors, regions or hromadas to the implementation of specific investment projects to obtain the result.

Context

The government faces the task of revising 23 sectoral strategies (21 by the end of 2026) or developing new ones so that the state can formulate its proposals for public investment on their basis. By the way, the revision of strategies is among the structural beacons of the IMF program, the implementation of which was delayed in the last program in 2025. So far, this process is very slow.

What's next

In simple terms, public investment is the funds that the state or community invests in the creation, restoration or modernization offacilities that have many years to serve people and contribute to improving the quality of public services.

Success requires the ability of the state and hromadas to strategize, prioritize, design and find funding. In Ukraine, there were problems at each of these stages. An important challenge was the expectation of hromadas that the reform would immediately bring money for investment, and this did not happen, because it was not planned.