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GENEVA — The world’s biggest financier in the fight against three killer diseases says it has run out of money to pay for new grant programs for the next two years — a situation likely to hit poor AIDS patients around the world.
An official with the Global Fund to Fight AIDS, Tuberculosis and Malaria said Thursday that it has been forced to cease giving new grants until 2014 because of global economic woes brought on by debt crises in the U.S. and Europe.
An independent panel recommended in September that the fund must adopt tougher financial safeguards after it weathered a storm of criticism and doubts among some of its biggest donors.
