[Comment] Offline: A new narrative for global health?

Success or failure? Last week, The Global Fund to Fight AIDS, Tuberculosis and Malaria reported that its Board “welcomed the final outcome” of its Eighth Replenishment—US$12·64 billion. Many supporters of The Global Fund claim that figure as a tremendous success. I am less certain. The target set by the Fund itself was US$18 billion. The Fund's leadership clearly thought that sum was achievable. The investment case, which The Lancet published as a research paper led by Tim Hallett and colleagues in July, 2025, estimated that if this amount was deployed then, together with domestic financing and other external donations, 23 million lives could be saved and 400 million cases and infections prevented between 2027 and 2029.