INSTITUTIONAL PRINCIPLES OF PUBLIC-PRIVATE PARTNERSHIP PROJECTS’ REALIZATION IN UKRAINE
Abstract
The article examines the institutional foundations of public–private partnership (PPP) development in Ukraine under conditions of full-scale armed aggression, heightened wartime risks, and global economic instability, when budgetary resource constraints and declining private investment activity complicate the recovery and modernization of critical infrastructure. The purpose of the study is to provide a comprehensive analysis of the regulatory, organizational, and institutional framework of PPPs, to assess the practical outcomes of contract implementation and budgetary support for project preparation, and to substantiate directions for improving the mechanisms of PPP preparation, selection, and implementation in line with post-war recovery needs. The empirical basis is formed using data from the inventory of PPP contracts and indicators of the budget program code one hundred twenty-one thousand five hundred eighty zero, within which the PPP Agency’s activities are financed, including initiative identification, preparation of concepts and feasibility studies, project structuring, and support of tender procedures. The findings show that despite an increase in the total number of concluded contracts, the share of projects at the implementation stage remains low, while military hostilities have led to a temporary suspension of new initiative preparation and an overall decline in activity. A limited but stable fiscal effect of concessions is identified: in recent years, concession payments have been made to the state and local budgets, confirming the effectiveness of certain projects within the PPP mechanism. The study analyzes the medium-term financing of the budget program code one hundred twenty-one thousand five hundred eighty zero, revealing that planned allocations exceeded actual cash expenditures, with the majority of funds directed toward the preparation of feasibility studies and project concepts. The article substantiates proposals to enhance PPP effectiveness, including the introduction of “gateway” management of the project cycle and stage-transition indicators, the integration of PPPs into the public investment management system, strengthening the capacity of public partners, and the application of de-risking instruments under wartime threats.
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