In 2026, Ukraine will need $52 billion in external financing, and access to most of these funds depends directly on cooperation with the IMF – it is this cooperation that unlocks funding from the EU and other partners. If commitments are met, the need is fully covered. If not, the financial chain breaks: the deficit exceeds $30 billion, and funds will only last until May, or, in the best-case scenario, if MPs finally start voting on the Ukraine Facility laws, until mid-summer.

The Verkhovna Rada has not passed any of the four laws required to receive $3.35 billion from the World Bank.

New IMF Programme began with Ukraine’s failure to meet structural benchmarks. Important commitments that the government and the IMF set out in the Memorandum have also not been fulfilled. These include a wide range of measures, primarily in financial and fiscal policy.

Unfulfilled indicators of the Ukraine Plan continue to accumulate, creating risks of losing significant amounts of EU financial support and slowing down the implementation of key reforms. By the end of 2025, Ukraine had failed to meet 14 indicators totalling over €3.9 billion, with the largest share falling in Q4 2025 – 10 indicators worth €2.5 billion. At the same time, in Q1 2026, Ukraine fulfilled only 1 indicator, despite failing to meet a further 7, the total value of which continues to increase the amount of potentially lost financing.