Investment policy as an important area of public policy will have a significant impact on Ukraine’s economic recovery after the destruction caused by the Russian-Ukrainian war. The article describes the subjective dimension of the public investment policy in Ukraine, in particular, it identifies the range of state institutions responsible for developing the public investment policy and outlines the limits of their powers. Investment policy entities at the national level include a number of agencies and institutions subordinated to the President of Ukraine, the Verhovna Rada of Ukraine as the legislative branch and the Cabinet of Ministers of Ukraine as the executive branch. The Verhovna Rada of Ukraine approves the volume of public investments made at the expense of the state budget as part of the main directions of economic and social development of the state. The Cabinet of Ministers of Ukraine ensures the implementation of the investment policy and this is one of its main tasks. The Ministry of Economy of Ukraine is the main body in the system of central executive authorities that ensures the development and implementation of the public investment policy in the real sector of the economy. At the regional level, investment policy entities include institutions that are hierarchically subordinated to state authorities, in particular, oblast councils, oblast state administrations, and territorial offices of central executive authorities. The executive power in the districts is exercised by the district administrations, and legislative power, respectively, by district councils. The local level of investment policy entities is represented by local governments. Authors focuse on the peculiarities of investment policy implementation under martial law by military administrations since the beginning of the Russian-Ukrainian war. The spectrum of public investment policy entities in Ukraine described in the article is represented mainly by state institutions and their subordinate agencies. The article notes that investment policy entities include not only public authorities that develop and/or implement such a policy, but also private investors who contribute their funds, investment funds, business associations, and public representatives. Consideration of their interests is also crucial. The article emphasizes that it is essential to build links between public investment policy entities in the format of the triangle “state” – “business” – “civil society” to establish a dialogue and build trust, since it is necessary to focus primarily on domestic investments that the private sector is able to make. Without honest dialogue, trust, and resolution of existing problems, it is very difficult to convince businesses to invest and increase investment. Meanwhile, cooperation between the branches of government and individual agencies, coherence, and clear coordination of their actions are important, which may require improvement of existing legislation, expansion of the powers of individual institutions, or, instead, their reduction. 

investment policy, investment, investment policy entities, public policy, economic growth 

The outbreak of a full-scale war has had a negative impact on the entrepreneurial sector in all regions of Ukraine without exception, which requires a serious review and search for opportunities for Ukraine’s transition from states with unstable institutions and inability to develop an entrepreneurial environment to the circle of countries that stimulate entrepreneurial activity. The spatial dimension of these processes is crucial for Ukraine, as the regions differ significantly in the quality and level of development of the entrepreneurial environment. The article aims to identify the main problems of the entrepreneurial sector caused by the full-scale war and to determine the ways to overcome them in the context of reducing interregional imbalances. The article emphasizes the need to find tools and mechanisms that help stimulate entrepreneurial activity, taking into account the spatial dimension of these processes, which is extremely important for Ukraine since regions differ significantly in the quality and level of development of the entrepreneurial environment. The author identifies specific factors that reduce the capacity of certain groups of regions and territorial communities, including the security factor, relocation of enterprises and displacement of labor resources as a result of forced mass displacement of the population, withdrawal of a significant part of land from economic circulation, including due to contamination with explosive devices, destruction of budget-forming enterprises or infrastructure facilities, etc., loss of powerful logistics capacity and tourism as a significant area of economic development, reduction of state support for development, complete loss of logistics capacity, irreversible changes in the development of the agricultural sector (inability to use the territories and deterioration of soil conditions due to contamination by explosive objects, the explosion of the Kahovska hydroelectric power station and the impact on soil fertility in the southern oblasts) and the logistics of agricultural products, and increased burden on engineering and social infrastructure given the growing number of residents due to IDPs and relocated businesses. The article notes that the issue of overcoming regional imbalances in the functioning and development of the entrepreneurial sector in the context of war is, on the one hand, directly related to ensuring the sustainability of economic entities and, on the other hand, is a prerequisite for ensuring resilient spatial development in Ukraine. The author proposes mechanisms and tools to restore economic capacity and entrepreneurial activity in the recovery areas, areas with special conditions for development, as well as promising mechanisms for scaling up the positive economic effects of regional growth poles and sustainable development areas. The article determines that the implementation of the mechanisms and instruments mentioned in the article on the basis of a systematic approach will help to overcome spatial imbalances in interregional and intraregional development and will allow to create an integrated economic space of the state. 

entrepreneurial activity, regional imbalances, spatial development, region, territorial community 

The article examines the implementation of the Organization for Economic Cooperation and Development (OECD) Recommendation on Effective Public Investment Across Levels of Government in Ukraine. The article covers the nature and peculiarities of the OECD Recommendation and analyzes the process of its implementation by Ukraine. The purpose of the Recommendation on Effective Public Investment Across Levels of Government is to help governments at all levels assess the strengths and weaknesses of their public investment capacity using a country-wide approach and identify priorities for improvement. Given the downward trend in public investment, especially in times of crisis, it is very important for governments at all levels to be efficient, i.e., to be able to deliver better results with less costs and to spend more wisely. The problem is much broader than just funding investment, as it concerns the most efficient use of investment funds, for which different levels of government may lack appropriate management tools even if investment funding is available. The scope of the Organization for Economic Cooperation and Development and the list of legal instruments it is developing are described. The article outlines three systematic challenges to multi-level public investment management that impede the achievement of the best outcomes: coordination challenges, capacity challenges, and framework challenges. It notes that to address these issues, the OECD has developed a Recommendation on Effective Public Investment Across Levels of Government, which takes into account the above challenges and is built on three key pillars: coordination of public investment at different levels of government and policy; strengthening public investment capacity and promoting policy learning at all levels of government; and ensuring an appropriate framework for public investment at all levels of government. The framework covers twelve principles, which in turn include specific steps for implementing the OECD Recommendation in practice. The principles set out in the Recommendation are applicable to national, regional, and local governments and address aspects that are relevant to other stakeholders in public investment. The implementation of the OECD Recommendation on Effective Public Investment Across Levels of Government will allow Ukraine to benefit from the experience of successful OECD countries in this area, and the increase in the efficiency of public investment will signal to foreign investors that investing in Ukraine is a viable option. The article also examines the steps taken by Ukraine on the way to establishing and strengthening cooperation with the Organization for Economic Cooperation and Development, in particular in terms of implementing the Recommendation, and outlines the main problematic issues on this path. Ukraine’s cooperation with the Organization for Economic Cooperation and Development is extremely important for ensuring its economic well-being, both at the national, regional, and local levels. 

investment, public investment, investing, efficiency, post-war recovery 

The article addresses the peculiarities of managerial assets’ impact on the development of a territorial community. Managerial assets are the driving force of positive changes and development of a territorial community since they make responsible decisions and detect, indicate, and eliminate flaws in resource managerial and processes in consolidated territorial communities. Therefore, it is essential to disclose their role and features of impact on the development of territorial communities. The article considers the nature of such concepts as the development of a territorial community and economic development of a territorial community, explains the difference between them, and outlines identification attributes that characterize the community development. The advantages of local residents’ participation in securing the development of their territorial communities are disclosed. Managerial assets of a territorial community are suggested to be regarded as a set of highly qualified specialists in asset managerial in territorial communities who have leadership qualities, a defined set of skills, enough experience to conduct efficient professional activity, and can study quick and qualitatively and adapt to changes. The importance of the territorial identity of a territorial community’s managerial assets is emphasized since it will serve as a powerful incentive for the managerial assets of the territorial community to use its competences to work on the implementation of positive changes in the territorial community. The bottlenecks of managerial assets of public, private, and non-governmental sectors that stipulate the features of their impact on the development of territorial communities are described. The article specifies that cooperation between managerial assets of public, private, and non-governmental sectors is quite essential as coordinated cooperation between them allows fighting the pressure of interest groups and securing an efficient work of each of the sectors, and thus boosts the development of the territorial community. 

managerial asset, development, territorial community, regional economy 

The paper addresses the approaches of foreign and domestic researchers to the definition of the public-private partnership concept. The origin of the public-private partnership concept is examined, and the state’s role in securing the public infrastructure is emphasized. The key features of the public-private partnership in domestic and international practice are outlined. The paper proves that deviations from the standard model of public-private partnership might be the perspective causes of failures of projects and contracts concluded by the public-private partnership pattern. The examples of projects that do not constitute the classical patterns of the public-private partnership are explained. The negative aspects of the COVID-19 pandemic’s impact on the financial side of public-private partnership agreements are outlined, including the loss of income, breakage of supply chains, growing expenditures, and inability to meet liabilities. The paper argues that governments might implement two groups of measures to overcome the negative impact of the COVID-19 pandemic on the public-private partnership projects: those not requiring additional or unprecedented financial expenditures and those requiring substantial expenditures. The condition of public-private partnership agreements implementation in Ukraine in 2018-2020 is analyzed and the following conclusions are made: the trend towards the declining number of implemented public-private partnership agreements and a growing number of non-implemented agreements has been observed since 2018. In 2020, the number of implemented agreements decreased substantially despite the growth of their overall number. Military actions in the East of Ukraine, unstable political situation, the controversy of the domestic situation in the country for foreign investors as well as the impact of the COVID-19 pandemic on the economy of Ukraine may be the factors causing this course of events. 

public-private partnership, state-individual partnership, infrastructure, COVID-19, pandemic 

The article investigates the theoretical approaches and applied aspects of the managerial assets of local communities in modern conditions of decentralization transformations in Ukraine. Scientific approaches to the interpretation of the concepts «personnel», «staff», «human resources», and «managerial asset» are distinguished. The paper suggests treating the managerial asset of the local community as a set of highly qualified specialists in the field of asset management of local communities, who have leadership skills, a certain set of skills, and sufficient experience to conduct efficient professional activities, as well as the ability to learn quickly and adapt to change. Since the managerial assets of the local community include not only representatives of local governments but also the private sector and non-governmental organizations, it is advisable to distinguish between the concepts of staff of local communities and their managerial assets. In our opinion, the key difference between them is that the managerial asset includes specialists who do not always have to be employees of state and governmental agencies. At the same time, it should be noted that a lot of studies focus on representatives of governmental agencies. Problems, threats, and obstacles to the efficiency of the managerial assets of local communities are considered. The domestic practice of forming the managerial assets of the local communities is highlighted. The world practice of forming the managerial assets of local communities on the example of Great Britain is covered. Three main categories of the managerial asset of the territorial community are identified: representatives of the state, representatives of the private sector, representatives of the non-governmental sector. Effective asset management of the local communities requires the involvement and joint efforts of representatives of these categories. The working relationship between these three groups and their involvement in the asset management process also builds trust and leads to long-term partnerships to further promote and build efforts. 

managerial asset, professional competence, local community, decentralization, local government, regional economy