The international financial crisis is likely to have very different impacts on the various African countries, depending on their degree of openness to commercial and financial flows. The volume of foreign trade is a matter of concern given that the volume of exports, loans, public grants, and remittances is decreasing. Nevertheless, Africa does have some fiscal leeway, primarily thanks to debt relief. A major, long-lasting problem remains, however: aid effectiveness. So far, grants and concessional lending have not generated high levels of economic growth on the continent, nor have they brought about debt sustainability. The crisis should nonetheless be seen as an opportunity to reshape the system used to finance Africa. Since the 2005 Paris Declaration, donors and developing countries have committed to improving aid effectiveness, which represents a major step forward, although it is debatable whether the new approach is grounded in a solid body of evidence. Certainly, what is also needed is to improve the effectiveness of the financing tools used so as to avoid the return of debt crises–an issue that is particularly relevant to fragile states.