INSTITUTIONAL FRAMEWORK FOR INDICATIVE PLANNING OF INVESTMENT PROJECTS: DISTRIBUTION OF POWERS ACROSS LEVELS OF PUBLIC GOVERNANCE

Abstract

The article analyzes the institutional framework for indicative planning
of investment projects in Ukraine, with a focus on the distribution of powers across levels
of public governance. It is substantiated that investment activity plays a crucial role in
ensuring economic recovery, as it contributes to the reproduction of fixed assets, the
creation of value added, and the maintenance of macroeconomic stability in a
challenging security environment.
Based on an analysis of the structural dynamics of capital investments by sources
of financing, their unevenness and high sensitivity to crisis phenomena have been
identified, manifested in the dominance of enterprisesʼ own funds, variability of
budgetary resources, and their dependence on macroeconomic and wartime factors.
Under such conditions, the coherence of actions across different levels of public
governance becomes essential, necessitating a clear distribution of powers among
national, regional, and local authorities. The essence of indicative planning is revealed
as a tool for coordinating the interests of participants in the investment process, based
on the advisory nature of indicators and combining mechanisms of state regulation with
market self-regulation. The institutional structure of investment project planning is
characterized, wherein the national level sets strategic priorities, the regional level
adapts them to territorial conditions, and the local level ensures practical
implementation. The regulatory and legal framework governing public investment
management is analyzed, including its interconnection with medium-term budget
planning, mechanisms for forming a unified project portfolio, and the use of digital
monitoring tools. It is established that the transformation of the public investment
management system is accompanied by the introduction of new approaches to planning,
evaluation, and control, which enhances transparency and the effectiveness of resource
utilization. It is concluded that the further development of the institutional framework for
indicative planning is associated with improving coordination mechanisms,
strengthening intergovernmental interaction, and integrating investment policy into the
system of strategic state governance.