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16виробництва продукцп рослинництва можлива за сприяння розвитку шдприемницько! дiяльностi у цш галузi. Порятунок землi ввд виснажливого вико-ристання мае бути забезпечений, насамперед, утве-рдженням ринку альськогосподарських земель за умов збереження 1х к1льк1сного та як1сного складу. Грамотне здiйснення агротехнiчних робiт забезпе-чить iнтенсифiкацiю виробництва з найменшою шкодою для землi та навколишнього середовища, а також максимальною вигодою для виробника. У той же час, розвиток аграрного бiзнесу забезпечить ринок працi робочими мюцями, що вирiшить про-блеми зайнятостi у сшьськш мiсцевостi.
Список лiтератури
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PUBLIC-PRIVATE PARTNERSHIP AS A FACTOR OF INTENSIVE DEVELOPMENT OF ROAD
INFRASTRUCTURE OF UKRAINE
Yuvzhenko N.
postgraduate student of department offinance Taras Shevchenko National University of Kyiv
Abstract
The article defines the nature and features of the public-private partnership. The key conditions for successful implementation of PPP in the road infrastructure of Ukraine are outlined. It has been proved that investments in road infrastructure are one of the key instruments of growth of the state economy. The risks that influence the successful implementation of PPP projects in the road sector are highlighted.
Keywords: public-private partnership, road infrastructure, public financing, investments, concessions.
Public-private partnership is able to catalyze the development of the infrastructure base of the investment complex of transition economies to which Ukraine belongs. Therefore, one of the main trends in the development of our country's national economy is the transition to a model of innovative development and attraction of investments in road infrastructure.
Formation of competitive advantages of road economy is complicated by a number of factors, in particular, non-compliance with international requirements of the state of road infrastructure, insufficient number of congestion complexes, insufficient investment in modernization of road infrastructure, low level of informatization of the road process, etc. This leads to finding solutions, first and foremost, finding a balance of interests between different stakeholders in order to develop investments and fulfill the task of maintaining and developing road infrastructure.
The road infrastructure of Ukraine requires significant financial investments and the use of the latest technologies that the state is unable to provide on its own in the conditions of financial and economic crisis, which is the most promising mechanism of the public-private partnership at present. To date, private investors in Ukraine are not involved in road construction at all, although this is a fairly common European and world practice. State involvement of private business is one of the major global trends in transport development.
Sovereign-private partnership allows you to realize a rational type of sovereign-governing management, which can be implemented on economic, political, social, investment, economic progress.
Famous scientists such as V. Varnavsky [1], N. Didenko, J. Zhalilo, I. Zapatrina [2], O. Kuzhel, K. Lyapina have devoted their work to the issues related to the application of various mechanisms of interaction between the state and private business. , T. Lebeda [3], K. Pavlyuk [4], O. Polyakova, M. Tsygankova [5] and others. The data highlighted problems of the business development, suggested the levers of its support, examined the nature and role of the public-private partnership, and further stressed potential opportunities and interests of parties in its use.
In economic science, the public-private partnership is a well-researched phenomenon. For example, V. Barnavsky notes that the public-private partnership is an institutional and organizational alliance between state and business for the implementation of national and international, large-scale and local, but always socially significant projects in a wide range of fields of activity [1, p. 21]. M. Tsygankova emphasizes the uniqueness of the mechanism of the public-private partnership, which enables the implementation of investment projects without the use of financial privileges [5, p. 102]. According to K. Pavlyuk and S. Pavlyuk, the interpretation of the concept of the public-private partnership includes constructive interaction of the state,
the private sector, civic institutions in economic, political, social, humanitarian and other spheres of public activity [4].
According to the Law on the Public-Private Partnership, public-private partnership should be considered as cooperation between the state of Ukraine, the Autonomous Republic of Crimea, territorial communities represented by the relevant state and local sef-gov-ernment bodies (state partners) and legal entities other than state and municipal enterprise, or by natural persons - entrepreneurs (private partners), carried out on the basis of a contract in accordance with the procedure established by this Law and other legislative acts, and responsible signs the public-private partnerships[6].
In many developed and developing countries, the public-private partnership is one of the main organizational and economic mechanisms for activating innovative activity and attracting long-term investments in road infrastructure.
The biggest problem facing developing countries in terms of infrastructure development is the lack of funding, and Ukraine is no exception. In the last decade, governments around the world have seen the public-private partnerships as a way to build co-operation between the private and public sectors in infrastructure development.
Ukraine is far behind the level of road infrastructure development compared to European countries. The main reason for the current state of Ukraine's road infrastructure is chronic underfunding. In order to improve this situation, it is necessary to attract private investment in this sector through the public-private partnership. Successful implementation of PPP projects requires several key conditions for successful implementation of PPP in the road infrastructure of Ukraine:
- political will, support from the state and society
- a sound legal framework that protects the private partner and reduces risks
- flexible financing structure at the expense of equity and debt capital
- fair and open competition
- reliable feasibility study
- equitable sharing of risks between partners
- high enough expected profit for a private partner.
Today, worldwide, the role of public authorities in
the planning, design, financing, and maintenance of transport is of paramount importance. However, one of the main problems in the transport infrastructure today is the lack of public funds for the construction, modernization, and maintenance of the road network. Therefore, the world practice shows that many governments are interested in public-private partnerships as a way of attracting private funding.
Thus, for the state, the main task is to attract investment for the implementation of road construction projects.
Investment in the road sector is one of the key instruments for the growth of the state economy. Considering the effective experience of the development of Western Europe and the USA, it can be concluded that for a more successful economic growth, a balanced distribution of labor, financial and material resources is required across the country.
The public-private partnerships have long been part of the road development process - from outsourcing to design, construction and regular maintenance. The evolving evolution of highways expands the ability to systematically capitalize on private resources - financial, managerial and technical.
In today's economic environment, world powers, including Ukraine, are increasing their investment in road infrastructure. The need for investment growth seems justified since roads and infrastructure as a whole are central to the economic and social development of our country and are one of the main drivers of economic activity.
Achieving private sector involvement in financing, maintaining and managing highways requires specialized legal and institutional frameworks, public sector expertise, advisory support, and ongoing political commitment.
The risks and obstacles to the successful practical implementation of PPP projects at this stage include:
- possibilities of inefficient management by the private partner of the property provided by the state partner for the fulfillment of the terms of the contract, untimely commissioning of the object of the contract and its non-compliance with the criteria stipulated by the contract;
- uncertainty of private partners in fulfilling their financial obligations in long-term projects because the state cannot guarantee a minimum consumption of goods or services and setting prices (tariffs) for manufactured goods or services provided by a private partner at the level of which corresponds to economically reasonable costs for their production or provision and provides a return on investment;
- absence in the Budget Code of the possibility of guaranteeing compensation for losses of a private partner due to the mismatch of demand for goods and services to the planned indicators, non-fulfillment by the state of obligations under PPP contracts, compensation of the difference in tariffs, etc.;
- lack of guarantees of the fulfillment of financial obligations on PPP projects for the whole term of their realization by the state, which is connected with annual approval of the budget and adjustment of budget programs;
- absence of tax and customs privileges for the implementation of PPP projects, which reduces their attractiveness for private partners if such privileges are available for other forms of state stimulation of investment activity;
- the possibility to change the regulatory framework, in particular, to amend tax and regulatory legislation, change the quality standards (increase requirements) for goods and services provided by a private partner under the terms of the contract, which can lead to a significant change in the conditions of participation of private partners in projects;
- high level of corruption in the authorities, which leads to a rise in PPP projects for a private partner.
At the same time, it can be argued that this problem is not fundamentally insurmountable. In particular, if the first real concession agreements are launched and
the government's due fulfillment of the obligations undertaken, it is possible to predict the gradual decrease in the price of concession agreements to global levels.
Currently, funding through the PPP mechanism remains underdeveloped. The main problems limiting the development of PPP in Ukraine are:
- insufficient regulatory and institutional support;
- lack of political will;
- lack of transparent infrastructure policy procedures for PPP projects, as well as identifying priority areas for their implementation;
-the incompleteness of the process of registration of land ownership and their delimitation;
- unstable legislation on attracting foreign direct investment
Thus, the formation of competitive advantages of the automotive industry is complicated by a number of factors, in particular, the lack of compliance with international requirements of the state of road infrastructure, insufficient number of reloading complexes, insufficient investment in the modernization of transit and transport infrastructure, low level of informatization of the transport process, etc. This leads to finding solutions, first of all, finding a balance of interests between different stakeholders in order to develop investments and to fulfill the task of maintaining and developing road infrastructure.
References
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