The Public Investment Watchdog №3, April 2026

The Institute for Economic Research and Policy Consulting, the Centre for Economic Strategy, and Technologies of Progress present the third issue of the “Public Investment Watchdog” monitoring report.

This time, we examine the ongoing implementation of public investment management reform and its impact on the preparation and implementation of investment projects.

In particular, the government plans to review sectoral strategies to incorporate public investment management approaches. However, it has not yet been decided which strategies will be reviewed or what methodology will guide the process. The methodology is not expected to be adopted before May.

The issue also focuses on the launch of Project Preparation Facilities (PPFs), which are intended to help turn investment ideas into structured projects ready for financing in line with international standards.

The report also examines changes in EU regional policy and the new requirements Ukraine will need to meet to gain access to structural funds and financing for post-war recovery. These include reforms to project selection, procurement, and public investment planning.

The monitoring also analyses construction procurement trends in the first quarter of 2026. Both the number and total value of procurements remained significantly lower than a year earlier – by 22% and 35%, respectively. This was largely due to efforts to contain public spending amid uncertainty over external financing. At the same time, the pace of capital spending has also been affected by public investment management reform: since 2026, projects have had to be included in DREAM, aligned with strategic priorities, and undergo the relevant selection and approval procedures. As not all stakeholders have managed to prepare projects in a timely and adequate manner, their approval, funding, and implementation have been delayed.

In March, the main areas of construction procurement were the restoration and protection of energy infrastructure, as well as road repairs, given the poor condition of roads following the difficult weather conditions this winter. The Kyiv, Dnipropetrovsk, and Kharkiv regions were among the leaders by the number of construction procurements.

More details are available in the April issue of the “Public Investment Watchdog” monitoring report.