Public Investment Watchdog. June 2026

We have prepared the fourth analytical report as part of the new “Public Investment Watchdog” project. It is a monthly monitoring of the public investment system, as well as an analysis of construction and reconstruction procurement, which we have been conducting since 2023.

Key takeaways from the fifth issue:

• In June, the government took several important steps to streamline the full cycle of public investment: it approved the concept for a digital ecosystem, a methodological framework for project evaluation, and the Medium-Term Investment Plan (MTIP) for 2027–2029. The new architecture is designed to integrate the planning, selection, budgeting, implementation, monitoring and evaluation of project outcomes, based on harmonised data between DREAM, the ‘GRK-WEB’ AIS, LOGICA, the Treasury, the procurement system and other state resources.
• The MTIP for 2027–2029 sets out a three-year resource framework of 270.9 billion UAH, but this does not guarantee funding for all proposed projects. Only projects included in the Unified Project Portfolio (UPP) and linked to specific priorities are to receive state funding. The main areas of the MTIP are education and science, transport, municipal infrastructure, healthcare and energy.
• At community level, activity within DREAM declined in June: 376 new PIPs were registered, compared with 545 in May. Most of the new projects relate to education and municipal infrastructure and services. Despite the significant number of projects in DREAM, the funding received remains low. In June, new PIPs had an estimated value of 20.1 billion UAH, with expected funding of 6.0 billion UAH, but only 0.2 billion UAH was actually received.
• In May 2026, the value of construction procurement rose sharply (2.5 times year-on-year), accompanied by an increase in capital expenditure from the budget (up 28% year-on-year), partly due to the EU’s decision to allocate a Ukraine Support Loan to Ukraine. The gradual streamlining of procedures as part of the public investment management reform also played a role, enabling the country to make up for delays at the start of the year, as did rising construction prices (up 12.4% year-on-year in January–April 2026). The main procurements in May were construction works in schools and hospitals, as well as road repairs. The Kyiv, Dnipropetrovsk and Kharkiv regions were among the leaders in terms of the number of construction procurements carried out. The lowest number of construction procurements was recorded in the Kherson and Donetsk regions.
• In both Ukraine and the EU, infrastructure projects are prepared in accordance with Public Investment Management (PIM) rules, although the details of this preparation vary considerably. We compared two major infrastructure projects of a similar scale to understand how different systems assess readiness for funding. The main conclusion is that in Ukraine, it is important to assess not only the availability of documents, but also whether they confirm the project’s financial and technical viability.

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

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 UKRAINE coalition.