The Global Fund to Fights AIDS, Tuberculosis and Malaria has announced it will make no new grants or funding until 2014 and it will take some management responsibility away from current executive director Michel Kazatchkine, Reuters reports. The fund, which accounts for about a quarter of international financing to fight all three diseases, said budget challenges and low interest rates “have significantly affected the resources available for new grant funding” and that it will only be able to finance the essential services of current programs. Until new funding is available, low- and middle-income countries with expiring grants will have to apply for emergency maintenance. The fund is also searching for a new general manager to work with the executive director after a review process in March found “grave misuse of funds” in four countries.

To read the Reuters article, click here.