The Bonn Agreement, signed on December 5, 2001, provided the road map for the transformation of the Afghan state, culminating in the September 18, 2005 legislative elections. The landmark polls, which proceeded largely peacefully, have elected an Afghan Parliament for the first time in more than three decades. 1 Although the Bonn political process has made great strides toward facilitating Afghanistan ‘s transition to democracy, the costs and challenges associated with the reform agenda are immense and continue to spiral. With a narrow revenue base, Afghanistan will remain dependent on support from the international community for many years to come, not just to cover the capital costs associated with reconstruction and poverty reduction but also to underwrite core operating expenditures. Once funding for Coalition military operations is factored in, the cost of maintaining relative peace and stability in Afghanistan could exceed the $16-18 billion per year currently being spent—a prohibitively high figure in light of creeping donor fatigue. With the security situation in the country still volatile, regional posturing intensifying, and the United States signaling that troop withdrawals are imminent, Afghanistan’s transition remains fragile and uncertain. Senior Washington officials already quietly acknowledge that the reform process has failed to maintain the critical momentum that the Afghan government’s landmark report, Securing Afghanistan’s Future: Accomplishments and the Strategic Path Forward, appeared to generate when it was launched at the spring 2004 Berlin Donors Conference.