Global Fund Beefs Up Financial Safeguards

Global Fund to Fight AIDS Tuberculosis and Malaria Executive Director Michel Kazatchkine. Photo by: Felix Castor / CC BY-NC-ND

In a bid to strengthen its capacity to detect and prevent fund misuse, the Global Fund to Fight AIDS, Tuberculosis and Malaria has unveiled new measures to reinforce its financial safeguards and is organizing a high-profile panel of experts to review its systems.

The new measures include expanding the mandate of firms monitoring expenditure in grant recipient countries, strengthening the oversight role of country coordinating bodies and implementing additional scrutiny on training activities and others that are at higher risk of fraud. Additional measures are as follows:

- Redirecting a proportion of all grants to assess and strengthen financial controls at the country level.

-Increasing the number of Global Fund staff members responsible for financial management.- Doubling the budget of the Fund’s independent Inspector General.

The measures will be in place by June 2011, according to Global Fund Executive Director Michel Kazatchkine.

“In parallel, the Global Fund is establishing an independent, panel of highly-respected international experts to review its financial control and oversight procedures, evaluate that they are of the highest standard and, if necessary, suggest further improvements,” a news release from the fund says.

The panel will present its report to the Global Fund Board in May, with its findings to be made public.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.