A word on the U.S. PEPFAR is in order. PEPFAR promises US$15 billion (US$9 billion of which are claimed to represent new resources) for the global fight against AIDS but only allocates US$1 billion to GFATM [27] . Over half of the resources are targeted to providing AIDS treatment. Of funds allocated to prevention, a significant proportion is earmarked for faith-based programs encouraging teenaged sexual abstinence and discouraging multiple-partner sex. The ability of PEPFAR to finance activities benefiting key target populations -commercial sex workers and injecting drug users -is tightly constrained by law. It is hard to consider PEPFAR as collective provision of a GPG when the resources it makes available could have been channelled through a genuinely collective institution (GFATM) and when its prevention programs are designed to cater to a domestic political constituency.