Palestinians Propose US$ 100 Million Loan to Arab League

Cairo, MINA – Palestine has submitted a loan request for funds amounting to US$ 100 million to the Arab League.

It was done because of the financial crisis they experienced due to interference with tax revenues from Israel.

“We submitted a request to the Arab Finance Council that payments were made immediately after Palestinian tax revenues were recovered from Israel, but the Palestinians have not received a response,” Palestinian permanent representative for the Arab League Diab al-Louh told Voice of Palestine radio on Wednesday quoted by Anadolu Agency.

According to al-Louh, the submission of the loan request was made after the Arab countries did not respond to consecutive Arab League session decisions regarding the provision of Arab safety nets with a value of 100 million US dollars per month.

“Arab countries assume national responsibility to support the obstinacy of the Palestinian people in facing Israeli and American plans,” he said.

He hoped Arab countries would start as soon as possible the financial support needed by Palestine.

In a summit in Sirte, Libya held in 2010, Arab leaders agreed to provide a safety net of US$ 100 million per month. It is done if Israel confiscated income from Palestinian taxes.

The call to activate the safety net was renewed at every meeting of foreign ministers or finance ministers of Arab League member countries. But commitment is only limited to a few countries.

At present, Palestine is facing an unprecedented financial crisis. That was due to Israel’s failure to transfer the tax revenue it collected in the name of the Palestinian Authority. (T/RE1)

Mi’raj News Agency (MINA)