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FINANCIAL NEWS
Palestine to receive USD100m aid from Saudi Arabia
17 Jan 2013
(MENAFN) The Palestinian president’s office stated that the country will soon receive USD100 million aid from Saudi Arabia to improve the deteriorating budget, reported Arabian Business.
The country’s budget is encountering a large gap as the Israelis are confiscating Palestinian money, a punitive measure after the UN’s recognition of Palestine as an observer state.
The authority has been pushed to pay over USD300 million a month in expenditure, since Israel said that it would seize USD100 million it gathers in customs taxes on their behalf every month.
The amount provided by Saudi will slightly reduce the government’s debt, which exceeded USD1.3 billion to Palestinian banks and unpaid bills to the private sector.
In July 2012, Palestine also received USD100 million aid from Saudi Arabia.
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