Int’l donors agree to provide PA more financial aid

Picturedbelow - Palestinian Authority PM Salam Fayyad By REUTERS/Christian Hartmann

The Palestinian Authority on Thursday hailed a decision by international donors to provide financial aid to the Palestinians as "important," but urged the countries to channel the promised funds immediately.

Representatives of international donors met in Brussels on Wednesday to discuss the financial crisis in the PA.

At the end of the meeting, Norwegian Foreign Minister Jonas Gahr Stoere urged the donors "to ensure the contribution of $1 billion in assistance [to the PA] in 2012."

He also urged Israel to facilitate the transfer of tax revenues belonging to the PA.

The global economic slowdown has created a $1b. deficit in the PA’s budget, the donors’ "Ad-Hoc Liaison Committee on Palestine" said after the meeting.

It noted that at the beginning of this year, the PA "experienced a severe fiscal crisis, which threatens to become protracted given the recent and projected declines in donor assistance" and the situation could soon be "totally unmanageable."...

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