The eighth review of the IMF’s Extended Fund Facility (EFF) program for Ukraine is nearing completion. Ukraine and the IMF have already reached staff-level agreement, and now this decision must be approved by the IMF’s Board of Directors.

As a result of the review, Ukraine is to receive $487 million. In total, the IMF program provides for up to $2.3 billion for 2025 based on the results of four reviews. The next review will take place in August.

The European Commission is reviewing Ukraine’s report on the implementation of indicators of Ukraine Plan for the first quarter of 2025, where three indicators have not yet been met and one has been met late, which could cost Ukraine about €1.5 billion in EU aid. In addition, Ukraine is ending the second quarter of 2025 with even worse indicator performance, half of which remain unfulfilled, calling into question Ukraine’s receipt of more than €1 billion in aid. The difficulties in implementation raise the question of updating Ukraine’s Plan — revising and updating the indicators while maintaining the ambitious reform agenda.

Successful cooperation with international partners is critically important for Ukraine. The financing of priority state budget expenditures depends on it (domestic revenues are directed towards security and defence).

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

The fulfilment of obligations under financial support programs is not necessary for donors – it is necessary for Ukraine to achieve economic stability and transition to growth and improved well-being for Ukrainians. It is also the path to gaining the trust of all international partners and foreign businesses.

The IMF program and Ukraine’s Plan are not the only commitments Ukraine has made to its external partners. But they remain important for coordinating and securing other international support.

There are also reforms needed to receive funds from the World Bank, as well as a broader reform agenda that Ukraine needs to become a member of the EU.