Роль державних програм у стимулюванні інвестицій в економіку України

The article is devoted to a comprehensive analysis of state programs to stimulate investments in the economy of Ukraine. A wide range of financial and non-financial instruments used to attract domestic and foreign investments has been studied. The "eRobota" program, aimed at the development of small and medium-sized businesses, is considered in detail. As one of the key tools for stimulating investments in the industrial sector, the program "Affordable loans 5-7-9%" was analyzed, within which entrepreneurs get the opportunity to attract financing for investment projects or replenishment of working capital with a reduced credit load. Taking into account the priority of the financing goals of this program, the need to increase its investment focus has been determined. For this, first of all, it is proposed to optimize the interest rate compensation mechanism, to update the legislative provisions on financial support, to evaluate the effectiveness of the program implementation, to ensure transparency of reporting and to develop additional lending conditions. A number of business support programs implemented by the Entrepreneurship Development Fund were also considered. It has been established that they serve as an instrument of state policy to stimulate domestic investment in conditions of economic instability. Special attention is paid to the mechanisms for stimulating the development of industrial parks and state support for large investment projects to attract strategic investors to the economy of Ukraine. It was found that the implementation of state investment promotion programs in Ukraine faces challenges such as bureaucracy, corruption, weak rule of law and limited funding. The consequences of the war and high security risks that deter investors remain important barriers. Budgetary constraints and strict requirements for the use of resources reduce the effectiveness of programs. In addition, the insufficient quality of monitoring and evaluation mechanisms prevents a full analysis of the impact of programs and ensuring transparency in the use of funds.