More than a third of public investment management reform tasks completed: 2025 results

In 2025, Ukraine completed a key stage of public investment management reform and established uniform rules for planning, selecting and financing investment projects at the national, regional and local levels. This year, the Government formed and approved a methodological framework for public investment management, which covers medium-term planning and prioritisation, project preparation and evaluation, the formation of sectoral portfolios and a Unified Project Portfolio, as well as implementation and monitoring mechanisms.

"Despite the challenges of full-scale war, the reform of public investment management continues. The developed and approved regulatory framework creates the necessary foundation and rules for the practical implementation of public investments and the transition from planning to execution. This is already yielding concrete results: public investments in the state budget for 2026 have been formed according to the new rules. The largest amount of funds has been allocated to the energy sector. Its stable operation is critical for the functioning of the economy and meeting the basic needs of Ukrainians," said Deputy Minister of Finance of Ukraine Dmytro Samonenko.

As of the end of 2025, the implementation of public investment management reform tasks is as follows: out of 72 measures, 25 have been implemented (35%), 28 are in the process of implementation (39%), for 19, the deadline has not yet arrived (26%). In particular:

• methodology for managing public investments at the national, regional and local levels has been approved, covering the planning, preparation, evaluation, selection, implementation and monitoring of investment projects;
• amendments to the Budget Code of Ukraine have been adopted, laying the legal foundations for medium-term budget planning for public investments;
• plan of measures for the implementation of the Roadmap for Public Investment Management Reform for 2024–2028 was approved;
• institutional framework for reform was established, including the creation of a Strategic Investment Council and interdepartmental coordination bodies.

In 2025, the Medium-Term Plan for Priority Public Investments for 2026–2028 was approved, which became the basis for the formation of a single project portfolio of public investments of the state (SPP) and the state budget for 2026 in terms of public investments.

In September 2025, for the first time under the new rules, projects and programmes were selected and a Unified Public Investment Project Portfolio was formed.

It covers 195 projects and programmes with a total value of UAH 12.6 trillion, which corresponds to the total estimated cost of their implementation throughout the investment period, and includes key areas of recovery and development — energy, transport, municipal infrastructure, housing, education, healthcare, social sphere, environment and digitalisation.

The State Budget of Ukraine for 2026 allocates UAH 116.9 billion to finance public investment projects and SPP programmes. Funding is provided from the general and special funds of the State Budget, as well as from State guarantees. Most of these resources are concessional loans and grants from international financial organisations and foreign governments.

In 2025, special attention was paid to raising awareness and capacity building in regions and local communities: in cooperation with UNICEF, training was provided to 240 financiers from local communities and regional state administrations on medium-term budget planning and public investment management.

In 2026, the public investment management reform shall move to the stage of full-scale implementation. The main focus is on:

• practical application of the new methodology by all major fund managers, regions and local communities;
• further improving the regulatory framework, in particular regarding long-term budgetary commitments;
• strengthening fiscal risk management and the project implementation monitoring system;
• building the institutional capacity of authorities at all levels;
• creating a unified digital ecosystem for public investment management.

It should be noted that the reform of public investment management in Ukraine was initiated by the Ministry of Finance in 2024, and the implementation plan is scheduled to run until 2028. Its goal is to create a transparent and predictable system for planning and implementing public investments, directing resources to projects that are most important to the state, improving the efficiency of public spending, and reducing fiscal risks in the process of Ukraine's recovery and development.