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A new front for Ukraine: As conflict persists in the east, the massive financial lifeline pledged by the international community is rife with uncertainties, especially linked to the country's debt.

Strangled by 10 months of deadly fighting between government forces and pro-Russia separatists, Ukraine's backers have proposed a new $40 billion, four-year deal to support government finances and combat a severe recession.

The aid program announced in mid-February by the managing director of the International Monetary Fund, Christine Lagarde, would see the crisis lender contribute as much as $17.5 billion in loans, replacing a previous program that has proved inadequate.

Lagarde broadly sketched...

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