EVALUATION OF THE EFFECTIVENESS OF CURRENT MECHANISMS FOR IMPLEMENTING PUBLIC-PRIVATE PARTNERSHIPS IN UKRAINE

Abstract

The article evaluates the effectiveness of the current mechanisms for implementing public-private partnerships (PPPs) in Ukraine, taking into account institutional characteristics, regulatory support, and practical implementation outcomes. It is established that under the transformational processes in Ukraine's economy, public-private partnership is viewed as a key tool for the balanced development of critically important sectors, particularly healthcare, allowing the attraction of private capital to socially significant infrastructure projects. The article emphasizes key prerequisites for the successful functioning of PPP models, including consistent state policy, regulatory clarity of cooperation mechanisms, development of financial instruments for long-term financing, and institutional capacity of the partnership participants. The role of the Agency for Support of Public-Private Partnership is highlighted in transforming the management of public investments and shaping a systematic approach to prioritizing investment initiatives. A step-by-step mechanism for the development and evaluation of PPP projects is considered, with a focus on key analytical documents: the concept note and the feasibility study. Attention is drawn to a multifactor approach to evaluating the effectiveness of PPPs, which includes comparing project implementation options involving a private partner and using solely public funding, taking into account both financial and non-financial benefits. The research results have practical significance for improving the methodology for preparing project documentation in the field of PPPs, enhancing investment attractiveness, and ensuring a balanced distribution of risks among participants. The powers of state authorities and local governments in conducting effectiveness analyses are defined, and the need for joint evaluation in cases involving multiple public partners is emphasized, as it ensures coordination of interests and alignment of expected results. Procedural aspects of forming a conclusion on the feasibility of implementing a PPP project are described, considering socio-economic viability, financial sustainability, risk levels, and the potential for attracting a private partner. The role of transparency in coordination procedures is emphasized as an indicator of the proper functioning of PPP mechanisms and a tool for holding authorities accountable for strategically significant decisions involving budgetary resources and long-term obligations. The functional responsibilities of the “Prozorro” electronic system are outlined in conducting effectiveness analyses and involving external experts to ensure independent evaluations.