At its 25th Board Meeting in Ghana, 20-22 November, the Global Fund Board decided to cancel Round 11, its funding opportunity for countries to put forward ambitious proposals for scale-up of HIV/AIDS, TB and/or malaria programs, National Strategies and health systems strengthening. The reason for this is lack of money and unwillingness by the donors to invest more in AIDS, TB and malaria through the Global Fund. The immediate consequence is that countries will only be able to apply for funding for continuation of essential prevention, treatment and/or care programs currently financed by the Global Fund that will otherwise face disruption between January 2012 and 31 March 2014. Funding for new programs and scale-up would only come available again as of 2014. This happens at a time when the Global Fund Board also approved a new Strategy 2012-2016 with ambitious targets – that could fundamentally change the course of the epidemics.