SAUDI PLEDGES $60M TO PALESTINE

Cairo, 12 Jumadil Akhir 1436/1 April 2015 (MINA) – The Government of Saudi Arabia has transferred $60 million to subsidize the Palestinian Authority’s budget, in line with the Arab countries’ commitment regarding the financial safety fund pledged to the Palestinian Authority.

Saudi Arabia’s Ambassador to Egypt, Ahmad Kattan, said the sum, which was transferred by the Saudi Fund for Development, covered the kingdom’s financial commitment for the months January, February and March 2015 ($20 million each), Wafa News Agency quoted by Mi’raj Islamic News Agency (MINA) as reporting.

Ahead of Israel’s decision to withhold Palestinian tax revenues last January, which was in response to PA’s bid to join the ICC, PA called to put into action a $100 million per month safety net promised by the Arab League nations.

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Recent reports indicated that Israel was considering the release of the withheld tax revenues, amid warnings by international actors that the PA was reaching its pre-collapse moments.

During the past three months, the PA sought loans from local banks to cover 60% of its public wages for the month December 2014, January and February 2015, leaving a remainder of 120% a debt on its treasury.(T/P008/R03)

Mi’raj Islamic News Agency (MINA)