 The article highlights eight challenges in global health financing instruments and development aid for health, including misaligned aid allocation, accountability, multi-stakeholder representation, country ownership, donor coherency, transparency, power dynamics, and anti-corruption. The Pandemic Fund, launched by the World Bank to catalyze additional funding for pandemic preparedness and response, is assessed against these challenges and found to have unclear policies in response to most of them, leaving many unaddressed. The article offers for sets of policy recommendations for how the Pandemic Fund and PPR financing architecture might respond more effectively to these identified challenges. This article was authored by Garrett Wallace-Brown, Natalie Rhodes, Plaka Vesta Techeva, and others.