IMF Deal: Ukraine’s IMF program review is moving forward: staff reached agreement on a $690M tranche under the EFF, pending board approval, with end-March targets met but some reform benchmarks delayed. EU Accession Push: EU member states greenlit opening the first accession negotiation cluster with Ukraine and Moldova, starting June 15, focused on rule-of-law and core EU fundamentals. Defense Funding Race: Kyiv is preparing to ask allies for an extra $20B to sustain long-range strikes and protect its medium-range drone edge, as battlefield momentum depends on production and crews. Army Pay & Manpower: Zelenskyy confirmed higher military wages (basic up by one-third to 30,000 hryvnias) and new fixed-term contract rules, alongside plans to recruit more foreign fighters. Energy & Markets: ECB raised rates by 0.25 point to 2.25% as Middle East-linked energy shocks feed inflation; euro area growth forecasts were cut and risks tilted toward weaker activity. Ukraine-Russia Strikes: Overnight drone exchanges hit oil and petrochemical assets in Russia and rail/electrical infrastructure in Ukraine, with Kyiv targeting refineries and Moscow warning of intensified infrastructure attacks. Defense Industry Deals: Ukraine signed nearly 20 joint defense production agreements with European partners, aiming to localize components and plug into EU supply chains.