Global Fund Cancels Round 11 Grants, Approves New Strategy And Organization Plan
Tuesday, November 29, 2011
The Board of the Global Fund to Fight AIDS, Tuberculosis and Malaria decided to cancel Round 11 grant approval during a two-day meeting in Accra, Ghana, that concluded on November 22. According to a press release from the Global Fund, the decision to cancel Round 11 was due to "a revised resource forecast presented to the Board [which] showed that substantial budget challenges in some donor countries, compounded by low interest rates, have significantly affected the resources available for new grant funding."
Additional decisions made by the Board included the approval of a new five-year strategy, the adoption of a plan with the aim "to improve its risk management, fiduciary controls and governance," and the appointment of "a General Manager to work alongside the Executive Director" to "help to take the organization through its transformation phase over the next 12 months" (11/23).
Additional coverage of the board meeting was provided by the Guardian, the Globe and Mail, the Associated Press/CBS News, the Washington Post, IRIN, GlobalPost, International Business Times, Reuters, Bloomberg, and the New York Times.
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