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. 

public investment, institutional framework, public investment, institutions, investment policy, regulatory framework, investment management 

The interests of the central government and local communities often do not coincide in regional policy. The study of balanced socio-economic development allows us to create more adaptive and effective methods of stimulating growth that take into account the unique characteristics of each region. Each region of the country has its own unique resources, economic potential, and social characteristics. The study of balanced development helps to ensure the harmonious development of all regions, reducing disparities between them, which contributes to the overall economic sustainability of the state. At the same time, balanced development implies equal access to basic services (education, healthcare, social protection) for residents of different regions. In turn, the underdevelopment of certain regions can lead to social tensions, migration, and a decline in the quality of life. The article reveals that balanced development has systemic, structural, and dynamic aspects, the latter being determined by: resource provision, rationality and efficiency of use of resources and potential, protection from challenges and threats, and the existence of prerequisites for further growth. The author defines the principles of public regional policy: determining the imperatives of regional management in the system of national development policy; substantiation of ways, goals, and objectives of balanced regional development; coordination and harmonization of interests of social groups with prioritization of higher-order interests and prevention of spatial and structural disproportions; selection of options for the most optimal changes, prevention of making irrational management decisions from the point of view of social development; etc. According to the defined features, it is necessary to form the benchmarks on which the regional policy in the field of balanced regional development should be oriented. Thus, in terms of functional and resource components, it is advisable to determine the improvement of the main characteristics of economic, in particular investment and innovation-oriented, and socio-demographic development as a benchmark for regional development. In terms of the phases of social reproduction, their qualitative course and the fulfillment of inherent functions and tasks should be monitored. In terms of aspects of the regional economic system sustainability, building up and efficient use of economic and resource potential, ensuring economic security, and strengthening the competitiveness of regional economies should be ensured. 

development, region, regional policy, priorities, sustainable development, balanced development 

Public investment is the expenditure of the public sector (national and local authorities) on the creation of infrastructure that is state (or municipal) property with a term of use of more than one year. The sources of financing may include state or local budget funds, borrowed funds, funds of state or municipal enterprises, and fees charged to infrastructure users. Public investment is usually measured quantitatively, annually, as a percentage of total national income over a given period. Public investment can also take the form of traditional infrastructure projects or public-private partnerships, which is most common in Ukrainian practice. Public investment management is becoming a prerequisite and the general goal of socio-economic development. That is, structural changes supported by public investment management institutions ensure economic growth, and their implementation is regulated by the criteria for ensuring the economic security of the state. The article proves that public investment management is a multifaceted category reflecting a socio-economic phenomenon and is considered as a motive and purpose of functioning of macro-systems; the level of autonomy (independence) of the economy, which ensures the achievement of the aggregate vector of interests of the structural elements of the macro-system; a qualitative characteristic of the economic system, which allows assessing its viability in the context of transformational changes. Public investment management is also a tool for achieving the goals of economic, investment, and budgetary policies, and at the same time is a tool for managing public finances. The impact of public investment on the country’s economic development and the welfare of the population directly depends on the goals and expected results of investment at the national and subnational levels. The quality and effectiveness of public investment management directly impacts the achievement of sustainable development goals through the planning, allocation, and implementation of relevant infrastructure investment projects. Public institutions have a crucial impact on both the effective implementation of public investment and the promotion of private investment in infrastructure projects. This means that even the implementation of publicly funded infrastructure projects requires the participation of private companies, which will carry out the work at the expense of public investment. Therefore, without appropriate protection, the public investment system cannot work effectively. 

public investment, public investment management, institutional support, system, state