Ukraine started 2026 with a sigh of relief. Positive news on debt restructuring, IMF aid disbursement, bumper foreign exchange reserves, and most importantly, a last-minute compromise €90 bn loan from the EU, suggested that Kyiv would have a moment to catch its breath.
Three months on, and this optimism is firmly in the rearview mirror. Hungarian and Slovakian obstruction has derailed progress on loan disbursement, reforms needed for unlocking critical multilateral institution financing remain