EXECUTIVE SUMMARY The first review discussions took place in a context of heightened geopolitical tensions and deepening economic crisis. Intensification of the conflict in the East and escalation of the gas dispute with Gazprom, two of the key risks identified at the time of the program...

The Ukrainian authorities have been able to restore macro-economic stability and growth following the severe economic crisis of 2014-15. However, efforts to create a more dynamic, open, and competitive economy have fallen short of expectations, and the economy still faces important challenges....