Abstract
<jats:p>The article is devoted to a comparative analysis of the concept and correlation of public investments and public obligations in the law of Ukraine and the European Union in the context of European integration and implementation of EU standards in the field of public finance. It is argued that national legislation continues to use fragmented terminology: the category of “public investment” is regulated indirectly, mainly through budgetary and planning mechanisms, while “public obligations” do not have the necessary definitive clarity, which complicates the distinction between their legal nature and practical application in budget planning, debt parameter management, monitoring, and control of the effectiveness of investment projects. Based on comparative legal and systemic-structural methods, as well as an analysis of regulatory sources and doctrinal approaches, the common and distinctive features of these categories and their functional interaction in the public finance management mechanism have been identified, and the role of the principles of transparency, accountability and long-term strategic planning, which are characteristic of the European model of Public Investment Management. It has been proven that the implementation of public investments actually generates a set of related financial and managerial obligations of the state to ensure the functioning, support, and control of the results of investment projects. The article proposes directions for improving Ukrainian legislation by normatively establishing the category of “investment obligations” as a derivative (subtype) of public obligations related to the implementation of public investments, taking into account EU approaches, in particular PSO mechanisms and public procurement frameworks. The practical significance of the results lies in the possibility of using the conclusions to update budgetary and financial terminology, strengthen institutional control, and harmonize national regulation with the EU acquis. Keywords: public investment, public obligations, investment obligations, budgetary law, financial law, Public Investment Management (PIM), public service obligations (PSO), European integration.</jats:p>