The IMF has approved Ukraine’s latest financing review, unlocking about $690 million and bringing total disbursements under the program to roughly $2.2 billion as Ukraine continues to fight the war and stabilize its economy. The $8.1 billion arrangement has seen macroeconomic stability maintained, but structural reform momentum has slowed, with several benchmarks delayed or missed. In June, Ukrainian authorities and IMF staff agreed on a revised reform timetable and corrective measures to keep the program on track, acknowledging the need to address policy slippages. While all quantitative targets through March were met, Ukraine missed the end-June target for net international reserves, underscoring ongoing vulnerabilities tied to the conflict and regional tensions. The IMF stressed that risks remain high and projected growth for 2026 could slow to about 1%–1.6%, highlighting the importance of continued fiscal discipline, tax enforcement, and reform to bolster revenues. Overall, Ukraine has maintained macroeconomic stability despite the war, but reform momentum and external shocks pose ongoing challenges that the revised plan aims to address.