$22 Billion Fund Backed by Gates Lacks Safeguards, Review Finds
This article is for subscribers only.
A $22 billion disease-fighting fund backed by donors including Chevron Corp. and the Bill and Melinda Gates Foundation lacks sufficient safeguards to prevent fraud and must reform to remain effective, a review found.
The Geneva-based Global Fund to Fight AIDS, Tuberculosis and Malaria is also likely to have “substantially less” than its estimate of $1.5 billion for the next round of grants as it faces “accelerating deterioration” in its finances for the next three years, according to the review published today by a committee led by former U.S. Health Secretary Michael Leavitt.