Public-private partnership: institutional environment for the development and modernization of Ukraine's infrastructure

The article systematizes the hierarchical levels of the institutional environment for the introduction of PPPs in Ukraine in terms of megaeconomics, macroeconomics, mesoeconomics and microeconomics. The authors reveal the participants of the institutional environment, which are represented by the regulatory institutions determining the standards of relations, rights and obligations of the participants, and the constructive and investment institutions. At the level of megaeconomy, regulatory institutes are represented by: principles and standards of international law in relation to PPPs, international agreements, the market of international PPP projects; and the Sustainable Development Strategy 2030. The constructive institutions of that level include the integration of national infrastructure networks, and institutions of international infrastructure projects (for example, the Great Silk Road). The investment institutes include international financial institutions, international investment banks, the global stock market, infrastructure banks, etc. Regulatory institutions of the macroeconomic level are the Constitution of Ukraine, government programs, laws, and regulations on the PPPs and concessions, the Strategy of Sustainable Development of Ukraine 2030, the market of domestic infrastructural projects, the institution of public procurement. The constructive institutions include Ministry of Economic Development and Trade, Ministry of Infrastructure, Ministry of Regional Development and Construction, project offices, the institution of public program-target planning, the institution of interaction between public authorities. The investment institutes include budget funds, targeted financing, subsidies, private investments, and project funding. The authors analyze data on the number and quality of PPP projects in Ukraine and abroad. A comparison between the data on the implementation of PPP projects in Ukraine according to the World Bank and domestic sources has been performed, and the fragmentation of data accounting for PPP contracts and concession agreements has been identified. The conclusion is made about the necessity of systematization and unification of relevant data at different levels of the hierarchical structure of the institutional environment for the implementation of PPPs in Ukraine, that is, on the levels of megaeconomy and macroeconomy, and macroeconomy and mesoeconomy. It is noted that the presence of institutional traps causes intensification of further scientific research and development of recommendations in the field of introduction and development of PPP mechanisms for financing the development and modernization of infrastructure within various guidelines. Such guidelines include the regulatory and legal framework for the development of PPPs in Ukraine via further specification of the provisions of the Law of Ukraine "On Public-Private Partnership"; studying the feasibility and effectiveness of various forms of PPP implementation (concessions, renting, leasing, etc.) in financing large national projects, including projects on the development of Ukraine's economic infrastructure, as well as scientific substantiation of their use; studying the regional peculiarities of the use of PPP mechanisms in this country for financing strategic investment projects, in particular large infrastructural projects, and social and humanitarian projects in the framework of the implementation of the new regional policy; and additional studies of advanced international experience in the implementation and development of PPP mechanisms for financing national projects, in particular, for involving the IFIs and other non-governmental organizations.