On May 20, 2025, the IMF mission for the eighth review of Ukraine’s Extended Fund Facility (EFF) programme began. The review will assess our progress against quantitative performance criteria and structural benchmarks as of the end of March 2025.

Ukraine has met all the benchmarks required for the successful completion of the eighth review of the programme. 

In total, the IMF program provides up to USD 2.3 billion for 2025. This is based on the results of four reviews. The next review will take place in August.

Ukraine has not yet reported on the implementation of the indicators of the Ukraine Plan for the 1st quarter of 2025. In contrast to the successful and timely implementation of the indicators for the 4th quarter of 2024, 4 indicators (including 3 legislative ones) have not yet been met. This means a risk of losing €1.96 billion of the expected €4.48 billion tranche.

After all, the methodology of partial payments approved by the European Commission stipulates that the “price” of an unfulfilled legislative step is the average “price” of an indicator multiplied by 2. The lag in the pace of implementation raises the issue of updating the Ukraine Plan – reviewing and updating the indicators while maintaining the ambitiousness of the reform agenda.

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

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.

It is not the donors who need to fulfil their obligations under financial support programmes – Ukraine needs them to achieve economic sustainability and to move towards growth and improve the welfare of Ukrainians. It is also a way to gain the trust of all international partners and foreign businesses.

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

There are still reforms needed to receive funds from the World Bank, as well as a broader reform agenda that Ukraine needs to achieve EU membership.