Mideast: PNA, financial crisis worsening in West Bank

Overall debt of 4,2 billion dollars

11 June, 14:43

    Palestinian girls shopping in a new mall in the West Bank City of Nablus [ARCHIVE MATERIAL 20100831 ] Palestinian girls shopping in a new mall in the West Bank City of Nablus [ARCHIVE MATERIAL 20100831 ]

    (ANSAmed) - RAMALLAH, JUNE 11 - The financial crisis in the West Bank is getting worse, the Economy Minister of the National Palestinian Authhority (PNA), Muhammad Mustafa, told the first meeting of the government of new Premier Rami Hamdallah. 'The financial crisis has become greater and the PNA has a domestic and external public debt worth 4,2 billion dollars', Mustafa was quoted as saying by the Maan news agency. 'We should look for funding sources, review spending and get tax payments to pay our debts in time'.

    The PNA has warned against the growing labour market crisis with over 250.000 Palestinians currently out of a job, in particular youths. 'The government will be hard at work to create jobs, especially for young people, by launching new projects', said Mustafa.

    According to data released by the minister, the PNA has a 600 million dollar debt with banks and owes one billion dollars to international financial institutions. Mustafa, who is part of the new government which took office about a week ago, said a three-year plan is being discussed, starting with a short-term, 100-day strategy. (ANSAmed)

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