Monitoring the Implementation of the IMF Program and EU Assistance №9

Successful cooperation with international partners is critically important for Ukraine, as financing for priority government expenditures depends on it, while domestic revenues are directed towards security and defence. This is why the RRR4U Consortium continues to regularly monitor Ukraine’s compliance with the conditions of the International Monetary Fund (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 first and foremost in Ukraine’s own interest. It is a necessary precondition for achieving economic resilience, moving towards economic growth and improving the well-being of Ukrainians, while also strengthening the confidence of international partners and foreign businesses.

The United States and the EU have taken important decisions on providing support to Ukraine as part of the G7’s $50 billion package, backed by Russian assets through the Emergency Revenue Acceleration Facility.

This monitoring report covers the implementation of the benchmarks and indicators as of the end of October 2024.

Ukraine is largely meeting its key commitments under the IMF programme, as well as under the Ukraine Plan, which provides the basis for EU assistance to Ukraine.

The IMF has allowed some flexibility under the programme, permitting the deadlines for several structural benchmarks to be postponed during the year. The macroeconomic forecast was revised, which became one of the challenges during the fifth review of the programme. At the same time, Ukraine has already received $1.1 billion from the IMF as a result of this review.

For the first time, there was a risk of a delay in receiving an EU tranche under the Ukraine Facility: one of the indicators was met only in October. The absence of a mechanism for providing partial tranches is delaying the receipt of the full tranche.