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Global Fund short of finances

There are fears that the Global Fund to Fight AIDS, Tuberculosis and Malaria will come up almost US$2 billion short of its goal to fund new projects in 2005. Such a shortfall could be catastrophic, noted Richard Feachem, Executive Director of the Global Fund. To date, the Fund notes that it “has so far committed $3 billion to over 300 programs in 128 countries.” More than 50% of this money is for HIV/AIDS programs.

Funding has come up short this year partly because the US government has withheld $120 million of its planned contribution to the Fund and also has just cut its 2005 pledge by $200 million over its 2004 donation. Its total contribution for 2005 will now be $350 million. Germany has doubled its pledge to the Fund to $108.5 million for 2005.