The Cabinet of Ministers of Ukraine has approved the draft Roadmap for Reforming the Public Investment Management System.
The document stipulates the state digital ecosystem DREAM becomes a bank of public investment projects that meet the priorities of national and regional development.
- The structure of the DREAM ecosystem, its principles, and its tools ensure accountability of the restoration and modernization process. In addition, they will promote higher transparency of investment projects, and we are actively cooperating with international partners in this area, - said Oleksandr Kubrakov, Deputy Prime Minister for Restoration of Ukraine, Minister for Communities, Territories and Infrastructure Development of Ukraine.
The Roadmap was developed based on the recommendations of the World Bank, IMF, and best European practices. The document ensures the planning of investment projects based on strategic priorities, the selection of projects based on unified and transparent procedures, and their implementation within the planned timeframe and funding. This approach will directly affect the implementation of restoration and development projects at national and local levels.
In particular, the Roadmap provides for:
- making decisions on public investments within the framework of strategic and medium-term budget planning and establishing a Strategic Investment Council;
- extending public investment management procedures to all investment projects related to reconstruction, recovery, and development through a single definition of a public investment project;
- a unification of approaches to the evaluation and selection of public investment projects, regardless of sources and mechanisms of financing, and the creation of a single project portfolio to ensure prioritization and access to funding; the Ministry of Finance assessing the financial sustainability of public investments and strengthening the management of relevant fiscal risks;
- building public investment management capacities at the central and local levels.
One of the priority areas of work envisaged by the Roadmap is creating a unified IT ecosystem based on the updated methodological framework for public investment management, including the Digital Restoration Ecosystem for Accountable Management - DREAM.
DREAM is expected to become a bank of public investment projects that meet the strategic priorities of national and regional development and ensure effective implementation monitoring.
In particular, DREAM will include:
- the results of the evaluation of investment projects conducted by the Ministry of Economy and relevant line ministries;
- the approved list of priority investment projects made by the Investment Commission, taking into account the methodological recommendations of the Ministry of Economy on prioritization, evaluation, and selection of projects;
- monthly and quarterly monitoring reports on the implementation of public investment projects;
- project completion reports that will be available for analysis and consideration in developing similar projects.
In addition, DREAM will provide a set of technical tools to facilitate project preparation and evaluation.
Please follow the link for more information on the Roadmap for Reforming the Public Investment Management System.
