Monitoring the Implementation of the IMF Program and EU Assistance №16

The eighth review of the IMF’s Extended Fund Facility (EFF) programme for Ukraine is nearing completion. Ukraine and the IMF have already reached a staff-level agreement, which now needs to be approved by the IMF Executive Board.

As a result of the review, Ukraine is expected to receive USD 487 million. For 2025 as a whole, the IMF programme provides for up to USD 2.3 billion based on the results of four reviews. The next review will take place in August.

The European Commission is reviewing Ukraine’s report on the fulfilment of the indicators for the first quarter of 2025. Three indicators remain unmet and one was met late, which could put around EUR 1.5 billion in EU assistance at risk. In addition, Ukraine is concluding the second quarter of 2025 with an even lower rate of fulfilment of the indicators: half of them remain unmet, putting more than EUR 1 billion in additional EU assistance at risk. The slower pace of fulfilment raises the question of updating the Ukraine Plan – reviewing and adjusting the indicators while maintaining the ambition of the reform agenda.

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.

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. This also helps 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. However, they remain important for coordinating and securing additional international support.

There are also reforms required to receive funding from the World Bank, as well as a broader reform agenda that Ukraine needs to implement to join the EU.