Monitoring the Implementation of the IMF Program and EU Assistance №13

At the end of March 2025, the IMF Executive Board is expected to make a decision on the seventh review of the Programme. One structural benchmark was met with a significant delay, while another – the repeal of the Lozovyi amendments – was not met. Thus, the review of the Programme was once again made possible by the IMF’s flexibility. At the same time, the tranche requested by the government was reduced to USD 0.4 billion.

New structural benchmarks are traditionally added during the review. They are important to meet in order to receive IMF financing on time, so we are awaiting the review and the updated table of structural benchmarks.

The IMF programme remains important for coordinating international support for Ukraine. At the same time, Ukraine continues to face delays in meeting structural benchmarks.

In March 2025, Ukraine received the fifth tranche of budget support from the EU under the Ukraine Facility. This was preceded by the timely fulfilment of the Ukraine Plan indicators for the fourth quarter of 2024. Ukraine has been slower to meet the indicators for the first quarter of 2025: as has become customary, some of the indicators are expected to be approved in the final days of the quarter.

Successful cooperation with international partners is critically important for Ukraine. Financing for priority state budget expenditures depends on it, while domestic revenues are directed towards security and defence. That is why the RRR4U Consortium continues to regularly monitor Ukraine’s fulfilment of the conditions of the IMF financing programme and implementation of the Ukraine Plan, which serves as a basis for EU assistance under the Ukraine Facility.

Fulfilling commitments under financial support programmes is not something donors need – they are primarily in Ukraine’s own interest, as they are necessary to achieve economic resilience, move towards economic growth and improve the well-being of Ukrainians. They also help build trust among international partners and foreign businesses.

The IMF programme and the Ukraine Plan are not the only commitments Ukraine has undertaken towards its external partners. There are also reforms needed to receive funding from the World Bank.

There is also a broad range of reforms that Ukraine needs to implement in order to become an EU member.