Трансформація механізму бюджетного інвестування в умовах забезпечення повоєнного відновлення економіки України

 In modern conditions, the budgetary investment mechanism needs to be reformed in accordance with transformation of budgetary relations in the context of martial law, digitalisation of budgetary sphere, the need to develop public-private partnerships, and directions of economic recovery at the state and local levels, which requires further research in this area. The article is aimed at studying the volume of budgetary investment at the level of the state and local budgets and substantiating directions of transformation of the budgetary investment mechanism to ensure post-war economic recovery of Ukraine. To achieve this goal, the role and importance of budgetary investment during the war and post-war economic recovery are determined. The volume of capital expenditures of the state and local budgets is analysed, and their growth in 2023 is noted. In the article, strategic aspects of financing public investment projects at the expense of general and special funds of the state budget of Ukraine in 2025-2027 are studied. The necessity of transforming the budgetary investment mechanism is substantiated. The author builds the structure of the budget investment mechanism considering transformation of budgetary relations in the context of martial law, digitalisation of the budgetary sphere, the need to develop public-private partnerships, and directions of economic recovery at the state and local levels. The need to develop digitalisation, especially in the area of assessing the volume of budget investments; selection criteria, performance indicators and efficiency of implementation of investment projects financed from the budget; as well as reducing corruption risks and strengthening public control, was noted. This will help ensure transparency of the budget investment mechanism, reduce risks arising from low efficiency of control over the provision and targeted use of budget investments, and create opportunities to improve competitiveness of the national, regional and local economies.