This article provides a critical analysis of the new aid agenda (also called "the Paris Agenda"), which is based on Poverty Reduction Strategy Programs, new aid modalities (sector-based approaches, general budget support) and the principles of ownership, harmonization, and alignment. It underlines the opportunities but also the limitations of the aid reform process and aid effectiveness. The article's main arguments and conclusions are based on its authors' research, interviews, and first-hand experience in the aid system, and draws on the case of Mali, a francophone West-African African country that is highly dependent on aid and involved in the implementation of the Paris declaration.