Public Investment Watchdog. March 2026

We have prepared the second 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 second issue:

• The reform of the public investment management system is ongoing. To standardise the framework for developing sectoral strategies and define the purpose of this exercise, the government has adopted guidelines for their preparation. The document links each investment to a sectoral development plan (education, healthcare, energy, etc.) to prevent haphazard funding of public investments.
• As part of its regular quarterly review, the Strategic Investment Council has updated the State Investment Plan: 20 projects have been added. Priority is given to the energy sector, which is critical to the functioning of the economy and which suffered significantly from Russian drone and missile strikes in early 2026.
• The Ministry of Education and Science is allocating the subsidy for the New Ukrainian School (NUS) in line with new approaches to public finance management. Funding is available only to those communities where the Strategic Investment Programme (SIP) and the National Investment Plan (NIP) include relevant areas and public investment projects.
• In February 2026, the number and value of construction contracts, which indirectly reflect the implementation of public investment, were lower than last year. This likely reflects both cost-saving measures in the state and local budgets amid uncertainty regarding the receipt of international funding in 2026, and certain delays in launching new projects under public investment management rules. The main procurement areas in February were energy infrastructure protection, repairs to schools and hospitals, and urban improvements. The highest number and value of construction procurement in January were recorded in the Kyiv, Dnipropetrovsk and Kharkiv regions.

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.