Fuzzy Math at the Global Fund Replenishment?

Why $13 billion might not be $13 billion and why it’s insufficient even if it is

The Global Fund’s 5th Replenishment period has just kicked off with pledges from most of the major wealthy countries of the world. Overall, the news is positive:  world leaders showed up to the pledging conference and raised more than ever before to fight AIDS, tuberculosis, and malaria in what all recognize has to be only the start, not the end, of mobilizing resources for the Global Fund over the next three years.