This document summarizes the key elements of the work plan and budget of the Independent Evaluation Unit (IEU) for 2025. It contains: (i) an overview of the IEU's deliverables during 2025; (ii) key elements of the IEU’s annual 2025 work plan and budget; (iii) the work plan of the Third Performance Review; (iv) IEU’s indicative budget for 2026 and 2027; and (v) an update of the IEU’s three-year rolling objectives. The Board is requested to consider and approve a budget of USD 7,872,039 for FY2025 and the provisional budget of USD 8,245,067 and USD 7,977,792 for FY2026 and FY2027, respectively. A draft decision for the Board’s consideration is presented in annex I