Résumé en anglais

The international financial crisis is likely to produce very different impacts on the various African countries, depending on their degree of openness to commercial and financial flows. The volume of foreign flows is a matter of concern given that exports, loans, public grants and remittances are decreasing. Nevertheless, Africa today does have some fiscal leeway, primarily because of debt relief. But a major and long-lasting problem remains : aid effectiveness. So far, grants and concessional lending have not generated high growth on the continent, and neither have they brought about debt sustainability. The crisis, however, should be seen as an opportunity to reshape the financing system of Africa. Since the 2005 Paris Declaration, donors and developing countries have committed to improving aid effectiveness, which represents a major step forwards. It is however debatable whether or not the new approach is grounded on a solid body of evidence. Certainly, what is also needed is to improve the effectiveness of financing tools used so as to avoid the return of debt crises – an issue that is specially relevant to fragile States.