Media accounts

Over the course of 2011, the Geneva-based Global Fund to Fight AIDS, Tuberculosis, and Malaria experienced unprecedented adversity. Media accounts and internal reports drew attention to instances of corruption involving grantees: $34 million of probable fraud in four African countries triggered a suspension of assistance by Germany and two other European donors. External reviews detailed the Fund’s deficient managerial practices, weak oversight of investments, and ineffectual board governance. An alarming, $2-billion-plus financial shortfall, revealed suddenly at year’s end, reflected a worsening global economy, overly optimistic forecasting by the Fund secretariat, and flagging donor trust and confidence in the Fund itself.