Second, the implications of the crisis on advanced economies are already affecting levels of ODA, which in 2011 declined for the first time since the early 2000s. Within the context of fiscal austerity, donors are facing an increasing need to justify large aid flows and demonstrate that taxpayer funds are generating ‘value for money’ and that interventions are ‘working’. There is also increasing interest in exploring how AfT can act as a catalyst for private sector investments. It analyses where barriers to effectiveness emerge and then examines circumstances that affect outcomes at each phase of the AfT project or programming cycle.