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. It was approved by the Board in decision B.40/14.