There is a risk of delays in receiving more than USD 3 bn from the World Bank. Parliament needs to adopt four EU-integration bills in order to unlock the Development Policy Operation (DPO).

The IMF Executive Board has approved a new four-year programme for Ukraine amounting to USD 8.1 bn. The programme includes 12 structural benchmarks, with tax-related measures likely to be particularly challenging to implement. Some of these benchmarks are inherited from the previous programme. At the same time, the programme also embeds a number of additional commitments by Ukraine that are not formally defined as benchmarks.

Unfulfilled indicators under Ukraine Plan continue to accumulate, leading to the loss of a significant amount of EU support and effectively putting key reforms at risk. As of the end of 2025, Ukraine failed to meet 14 indicators worth more than €3.9 billion. The majority of these commitments were not fulfilled in Q4 2025, with 10 missed indicators amounting to €2.5 billion.Progress on most of these steps requires the adoption of legislation, highlighting the need to restore the full functioning of Parliament and better synchronise its work with the Cabinet of Ministers to regain the lost reform momentum. By the end of Q1 2026, Ukraine must fulfil 8 indicators, of which 5 are currently at risk of non-fulfilment, potentially further deepening the negative trend by March.