…Global Fund moves into Grant Cycle 8 (GC8), covering the 2026–2028 allocation period
BY THEMBA ZWANE
MBABANE– Eswatini has been allocated approximately E444.8 million under the Global Fund’s new 2026–2028 funding cycle, putting hundreds of millions of Emalangeni behind the Kingdom’s continued fight against HIV, tuberculosis and malaria.
The allocation is equivalent to US$27.88 million, based on an exchange rate of approximately E15.9543 to the US dollar on September 6, 2026. As the Lilangeni is pegged at parity with the South African rand, the rand value provides a direct equivalent of the funding in Emalangeni.
The figure appears in the Global Fund’s current country allocation data for Eswatini for the 2026–2028 period, making the Kingdom one of the countries benefiting from the organisation’s latest three-year financing cycle.
The new allocation comes as the Global Fund moves into Grant Cycle 8 (GC8), covering the 2026–2028 allocation period. The Fund’s Board approved the financing framework for the cycle in February 2026, approving more than US$10.7 billion for country allocations, including additional resources to be incorporated into the allocation calculation.
The Global Fund subsequently announced in March that countries were receiving their GC8 allocation letters, with the new cycle placing greater emphasis on prioritising investments, strengthening domestic financing, improving health-system integration and supporting sustainable transitions from external financing.
MILLIONS FOR HEALTH RESPONSE
The Global Fund is a major international financing mechanism dedicated to combating HIV/AIDS, tuberculosis and malaria, while also strengthening health systems and community responses.
Its funding model differs from a conventional project application process. Eligible countries receive an allocation and then develop programmes explaining how they intend to use the resources. The organisation says its 2026–2028 allocation methodology directs funding towards countries according to factors including disease burden, income level and country-specific circumstances.
For Eswatini, the new US$27.88 million allocation – approximately E444.8 million – represents a significant pool of external health financing during the three-year period.
It also comes at a time when the Global Fund is placing greater emphasis on countries gradually increasing domestic responsibility for financing their health responses.
The Fund has cautioned that eligibility itself does not guarantee an allocation, while its new funding cycle includes transition considerations for some countries as they move towards greater self-reliance.
NEW CYCLE FOLLOWS US$45.36M GRANT
The new allocation follows Eswatini’s current Global Fund Grant Cycle 7 programme.
According to the Eswatini Government’s 2025 Cabinet Annual Report, the country’s GC7 programme had a total allocation of US$45.36 million, supplemented by US$1.4 million in matching funds. The programme covers HIV/TB and other interventions and runs from 2024 to 2027.
The new GC8 allocation is therefore a separate funding cycle and should not be confused with the US$45.36 million previously allocated under GC7.
The reduction in the headline allocation compared with GC7 also highlights the changing international financing environment and the Global Fund’s emphasis on prioritisation and sustainability.
GLOBAL FUND FINANCING UNDER PRESSURE
The new funding cycle is being implemented against a backdrop of constrained international development financing.
The Global Fund’s Board approved US$10.780 billion in sources of funds for the 2026–2028 allocation period and subsequently established US$10.783 billion as the amount to be used in determining country allocations after incorporating an additional US$263 million.
The Fund has also introduced strategic shifts for GC8, including stronger attention to programme prioritisation, domestic co-financing and sustainable health systems.
For Eswatini, the E444.8 million equivalent allocation provides an important opportunity to sustain and strengthen programmes addressing the three diseases while continuing to build systems capable of carrying a greater share of the country’s health response in the future.
The exact timing of expenditure and disbursement will depend on the subsequent grant-making and implementation process. An allocation should therefore not be interpreted as E444.8 million already transferred into Eswatini’s accounts.
The Global Fund’s latest data nonetheless places Eswatini’s 2026–2028 allocation at US$27.88 million – a financial commitment equivalent to roughly E444.8 million at the September 6, 2026 exchange rate.
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(Courtesy Pic)
