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Catalytic Investment to Improve Community Health Care for Millions Across Africa

Catalytic Investment to Improve Community Health Care for Millions Across Africa
PR Newswire
GENEVA, Aug. 8, 2022

The Global Fund collaborates with the Johnson & Johnson Foundation and the Skoll Foundation to Launch the Africa Frontline First C…

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Catalytic Investment to Improve Community Health Care for Millions Across Africa

PR Newswire

The Global Fund collaborates with the Johnson & Johnson Foundation and the Skoll Foundation to Launch the Africa Frontline First Catalytic Fund

  • Private sector investments to the Global Fund's Africa Frontline First Catalytic Fund from the Johnson & Johnson Foundation and the Skoll Foundation totaling US$ 25 million.
  • The Global Fund to Fight AIDS, TB and Malaria intends to further match this commitment by at least with 1:1.
  • Designed in partnership with the Africa Frontline First Initiative, the Africa Frontline First Catalytic Fund (AFF-CF) will accelerate scale up of community health services in up to 10 African countries.
  • The Catalytic Fund seeks to mobilize at least $100 million to improve community health systems that are providing essential medical care for up to 130 million people.
  • Investing in frontline community health workers can generate a return of up to 10:1 when considering the improved economic, health, and social outcomes of community health workers.

GENEVA, Aug. 8, 2022 /PRNewswire/ -- Today the Global Fund to Fight AIDS, TB and Malaria is announcing a crucial new catalytic fund to support community health workers across up to 10 African countries. The Africa Frontline First Catalytic Fund (AFF-CF) will provide financing to accelerate and sustain the scale up of frontline community health workers, the backbone of community health services.

The Global Fund warmly welcomes the first investments to the Africa Frontline First Catalytic Fund from the Johnson & Johnson Foundation and the Skoll Foundation totaling US $25 million. The Global Fund intends to match these and other investments to bolster support to and domestic financing for community health workers.

These pledges come ahead of the Global Fund's Seventh Replenishment, which aims to raise US $18 billion to fund its next three-year cycle of grants. The Global Fund estimates that the funding of US $18 billion would save 20 million lives, while strengthening health and community systems to reinforce pandemic preparedness.

"For the first time in 20 years, many countries have seen HIV, TB and malaria cases worsen and community health workers are at the forefront of fighting these diseases. This is a unique moment for leaders to join forces and invest in the people and structures that will fight pandemics, infectious diseases, and other health threats, now and in the future" said Peter Sands, Executive Director of The Global Fund.

A professionalized workforce of community health workers, who work hand in hand with communities, is key to responding to future outbreaks and making gains on longstanding priorities. The Global Fund applauds these initial pledges from the Johnson & Johnson Foundation and the Skoll Foundation, but much more financial investment is needed to unlock the full potential and to ensure people access to professionalized, trained, compensated, and integrated community health workers.

The Africa Frontline First Catalytic Fund will help ensure that up to 10 African countries accelerate progress and improve health care delivered at the community level, as well as crucially ensure the women, who make up the large proportion of community health workers, are properly paid for their work. The Catalytic Fund will combine coordinated technical assistance and implementation funding, as well as investments to scale financing, employ digital tools, increase the availability of essential life-saving commodities, and better integrate community health workers within the overall health system.

"Health workers are the cornerstone of care. By training, empowering, and integrating community health workers into existing health systems it's possible to extend care and reduce the burden of disease for millions of people." said Joaquin Duato, CEO of Johnson & Johnson. "The Johnson & Johnson Foundation committed $15 million to the Africa Frontline First Catalytic Fund to ensure delivery of effective, efficient, and equitable care at the frontlines."

The Global Fund Catalytic Fund approach has already shown the power of leveraging philanthropic funding. For example, support from the Children's Investment Fund Foundation for HIV self-testing has increased funding fivefold in two years and increased HIV self-test procurement from thousands to millions in the five countries where it works.

"On the frontlines of pandemic response and prevention, community health workers are critical to bringing essential healthcare to the last mile," said Don Gips, CEO of the Skoll Foundation. "The Africa Frontline First Catalytic Fund brings the power of social innovators like the Financing Alliance for Health and Last Mile Health together with the strength of the Global Fund to ensure that community health workers are paid, trained, and equipped to maintain essential services and lead responses to COVID-19, Ebola, and other outbreaks."

This catalytic investment is a first step towards a broader shared ambition to scale community health, contributing to expanding universal health coverage. As part of this effort,

Africa Frontline First is collaborating with the COVID-19 Commission, which supports H.E. President Ramaphosa in his role as the African Union Champion on COVID-19. In line with the African Union's New Public Health Order, this collaboration pursues the AU's broader target of deploying 2 million community health workers by 2030.

More than 85% of community health workers in Africa, the majority of whom are women, are not paid for their work.  Experience shows that professional community health workers - who are paid, trained, and supervised - are best equipped to provide essential health services in their communities, even amid great challenges.

"In Liberia and around the world, we have seen the power of community health workers to deliver essential care in rural and remote communities - and to maintain that care during crises like the Ebola epidemic and the COVID-19 pandemic," said Her Excellency Ellen Johnson Sirleaf, Nobel Peace Prize recipient and former President of Liberia. "The Africa Frontline First Catalytic Fund is a unique opportunity to invest in those health workers and catalyze real change, creating a healthier and safer world for all."

The Global Fund is a worldwide movement to defeat HIV, TB and malaria and ensure a healthier, safer, more equitable future for all. We raise and invest more than US$4 billion a year to fight the deadliest infectious diseases, challenge the injustice which fuels them and strengthen health systems in more than 100 of the hardest hit countries. Since the beginning of the COVID-19 pandemic, we have invested an additional US$4.3 billion to fight the new pandemic and reinforce systems for health. We unite world leaders, communities, civil society, health workers and the private sector to find solutions that have the most impact, and we take them to scale worldwide. Since 2002, the Global Fund has saved 44 million lives.

Africa Frontline First is a collaborative effort by the Financing Alliance for Health, Last Mile Health, the Community Health Acceleration Partnership, and Community Health Impact Coalition under the championship of President Ellen Johnson Sirleaf.

Information on the work of the Global Fund is available at www.theglobalfund.org
Information on Africa Frontline First is available at  www.africafrontlinefirst.org

Follow the Global Fund on Twitter: http://twitter.com/globalfund
Follow Africa Frontline First on Twitter: https://twitter.com/frontline1st

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SOURCE The Global Fund

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SEC initiates legal action against FTX’s auditor

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor…

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The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence.

The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX before its bankruptcy declaration.

According to a Sept. 29 statement, the SEC alleged that accounting firm Prager Metis provided auditing services to its clients without maintaining the necessary independence as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.

Extract from the SEC's September 29 statement. Source: SEC

To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these entwined activities spanned over a period of approximately three years:

“As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.”

While the statement doesn't explicitly mention FTX or any other clients, it does emphasize that there were allegedly "hundreds" of auditor independence violations throughout the three-year period.

Furthermore, a previous court filing pointed out that the FTX Group engaged Metis to audit FTX US and FTX at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022. 

The filing alleged that since former FTX CEO Sam Bankman-Fried publicly announced previous FTX audit results, Metis should have recognized that its work would be used by FTX to bolster public trust.

Related: FTX founder’s plea for temporary release should be denied, prosecution says

Concerns were previously reported about the material presented in FTX audit reports.

On Jan. 25, current FTX CEO John J. Ray III told a bankruptcy court that he had “substantial concerns as to the information presented in these audited financial statements.”

Furthermore, Senators Elizabeth Warren and Ron Wyden raised concerns about Prager Metis' impartiality. They argued that it functioned as an advocate for the crypto industry.

Meanwhile, a law firm that provided services to FTX has come under scrutiny in recent times.

In a Sept. 21 court filing, plaintiffs allege that U.S. based law firm, Fenwick & West, should be held partially liable for FTX's collapse because it reportedly exceeded the norm when it came to its service offerings to the exchange.

However, Fenwick & West asserts that it cannot be held accountable for a client's misconduct as long as its actions remain within the bounds of the client's representation.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

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DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management

The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.
The Department…

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The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.

The Department of Justice (DOJ) has confirmed its intention to summon former FTX clients, investors and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX CEO.

The DOJ submitted a letter motion in limine on Sept. 30 describing the witnesses it intends to call concerning FTX’s treatment of customer assets.

The testimonies intend to provide perspectives on the interactions between the accused and the witnesses. It also aims to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, particularly regarding FTX’s asset management. The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX, believing that the platform would safeguard them securely.

Court filing in the United States District Court for the Southern District of New York. Source: CourtListener

Furthermore, a situation has emerged concerning one of the DOJ’s witnesses, “FTX Customer-1,” who resides in Ukraine. Given the ongoing conflict in Ukraine, traveling to the U.S. to provide testimony is associated with difficulties. The DOJ has suggested using video conferencing as a viable alternative. However, Bankman-Fried’s defense has not yet approved this proposal.

Nonetheless, the legal team representing Bankman-Fried, led by lawyer Mark Cohen, has voiced concerns about the jury questions put forth by the DOJ. According to Bankman-Fried’s defense, these interrogations insinuate guilt on Bankman-Fried’s part, potentially undermining the principle of “innocent until proven guilty.“

Additionally, the defense contends that these inquiries may not effectively uncover the jurors’ inherent biases, especially related to their encounters with cryptocurrencies. Moreover, specific questions could inadvertently guide the jury’s perspective instead of eliciting authentic insights, possibly compromising the trial’s impartiality.

Related: Sam Bankman-Fried’s lawyer challenges US gov’t proposed jury questions

With the jury selection scheduled to start on Oct. 3, closely followed by the trial, the spotlight is firmly on this high-stakes legal confrontation. This case underscores not only its immediate consequences but also underscores the vital importance of transparent communication and unbiased questioning in upholding the principles of justice.

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Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators

The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses…

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The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses a systemic risk.

Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools.

In a September 30 blog post, Buterin issues a warning that as staking pools adopt the DAO approach for governance over node operators—who are ultimately responsible for the pool's funds—it can expose them to potential risks from malicious actors.

“With the DAO approach, if a single such staking token dominates, that leads to a single, potentially attackable governance gadget controlling a very large portion of all Ethereum validators.”

Buterin highlights the liquid staking provider Lido (LDO) as an example with a DAO that validates node operators. However, he emphasizes that relying on just one layer of protection may prove insufficient:

“To the credit of protocols like Lido, they have implemented safeguards against this, but one layer of defense may not be enough,” he noted.

ETH staked by category chart. Source: Vitalik Buterin

Meanwhile, he explains that Rocket Pool offers the opportunity for anyone to become a node operator by placing an 8 Ether (ETH) deposit, which, at the time of this publication, is equivalent to approximately $13,406.

However, he notes this comes with its risks. "The Rocket Pool approach allows attackers to 51% attack the network, and force users to pay most of the costs," he stated.

On the other hand, Buterin highlights that having a mechanism to ascertain who can act as the underlying node operators is an inevitable necessity:

"It can't be unrestricted, because then attackers would join and amplify their attacks with users' funds."

Related: Ethereum is about to get crushed by liquid staking tokens

Buterin further outlines that a possible approach to address this issue involves encouraging ecosystem participants to utilize a variety of liquid staking providers. 

He clarifies this would decrease the likelihood of any one provider becoming excessively large and posing a systemic risk.

“In the longer term, however, this is an unstable equilibrium, and there is peril in relying too much on moralistic pressure to solve problems," he stated.

Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines

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