Public Investment Watchdog. February 2026

The “Public Investment Watchdog” project aims to propose systematic solutions to address the challenges facing public investment reform. The project team will strengthen analytical monitoring of investment projects, develop practical tools to enhance transparency, build the capacity of municipalities, and support public oversight at the local level.

Key takeaways from the first issue:

• The legislative and regulatory framework for the new public investment management (PIM) system has been established. However, it is not yet finalised: further iterations and changes will be made to incorporate lessons learned from implementing reforms at the national and local levels.
• The reform of the PIM system requires better coordination among key stakeholders and leadership for effective implementation.
• DREAM is being developed as an IT system for public investment management. The portal already contains information on the unified project portfolio (UPP) of the state and many municipalities.
• In January 2026, the number of construction procurements decreased slightly, but more funds were spent. Procurements for healthcare facilities dominated in January, and the strengthening of energy infrastructure continued. Kyiv Oblast accounted for the largest share of construction procurements in January in terms of both volume and value.
• According to RDNA5, damage caused by Russian attacks increased by $19 billion in 2025 and reached $195 billion over the entire period of full-scale war, while funding needs for reconstruction rose to $588 billion. As in previous estimates, since 2022, the sectors most affected by destruction have been housing, transportation, energy, trade, and industry (74% of the damage). By region, the greatest losses are in frontline regions (75%). At the same time, in 2025, losses in regions far from the front have increased significantly, and by sector, the destruction of municipal infrastructure has risen.
• Thanks to the PIM reform, reconstruction using state funds will take place within the framework and according to the rules for public investment. RDNA5 estimates the needs for 2026 at $15 billion across 195 projects, with priorities in transportation, energy, housing, and municipal infrastructure.

These materials were developed as part of the “Public Investment Watchdog” project, funded by the European Union. The project is a joint effort by the Centre for Economic Strategy, the Institute for Economic Research and Policy Consulting, and the NGO “Technology of Progress”. All project participants are members of the RISE coalition.