On March 28, 2025, the IMF Board of Directors approved the seventh review of the EFF program. On March 31, Ukraine receives a tranche of about USD 400 million. The tranche was disbursed to Ukraine. 

The program has been revised again due to the IMF’s flexibility: one structural benchmark has not been implemented (the NSSMC strategy), one has been delayed (the creation of a new administrative court), and the deadlines for four more have been postponed. Five new benchmarks have been added (inspection of the NSSMC, anti-corruption, financial sector, and corporate governance).

The IMF program remains important for coordinating and securing other international support. At the same time, Ukraine continues to lag behind in implementing structural benchmarks.

In April 2025, Ukraine received the fifth tranche of budget support from the EU under the Ukraine Facility. This was preceded by the timely fulfillment of the indicators of the Ukraine Plan in the fourth quarter of 2024. The European Commission also approved the methodology for partial payments under the Ukraine Plan. Therefore, due to the failure to meet some of the indicators in the Q1 2025, Ukraine risks not receiving part of the funds.

Successful cooperation with international partners is critically important for Ukraine. It is crucial for the financing of priority state budget expenditures (domestic revenues are used for security and defense).

That is why the RRR4U consortium continues to regularly monitor Ukraine’s compliance with the IMF financing program and the implementation of the Ukraine Plan.

Fulfillment of obligations under financial support programs is not needed by donors – Ukraine needs them to achieve economic sustainability and transition to growth and increase the welfare of Ukrainians. It is also a way to gain the trust of all international partners and foreign businesses.

The IMF program and the Ukraine Plan are not the only commitments that Ukraine has made to its external partners. There are also reforms needed to receive funds from the World Bank, as well as a broader reform agenda that Ukraine needs to become an EU member.