The Executive Board of the International Monetary Fund (IMF) has approved an Extended Fund Facility for Ukraine—a 4-year financial stabilization program that provides $17.5 billion in financing, while assessing the total financing needs at $40 billion for the duration of the program. Both the funding and the reforms to which Ukraine has committed will be heavily frontloaded. The funding extension clears the way for Ukraine to adopt and implement an agenda of reform, although its economic and political situation is likely to remain perilous for some time.