Ukraine and the IMF have reached a Staff-Level Agreement on a new support program. It will last 4 years and will amount to $8.1 billion. This agreement still needs to be approved by the IMF Board of Directors. An important part of the program will be Ukraine’s new tax obligations. The new program is certainly good news, as it will be the first step to cover the financing gap for 2026 and beyond.

The current program will end early if a new program is approved. The benchmarks that are not currently completed may move to the new one, but we do not know these details yet.

The implementation of Ukraine Plan remains unsatisfactory: there is a high risk of failure of indicators for Q4 2025. There is only 1 month left for the timely adoption of a number of extremely important draft laws. Such short terms for passing all necessary parliamentary procedures are unrealistic.