BREAKING NEWS

Cash-strapped Palestinian Authority adopts emergency budget

By REUTERS

MARCH 17, 2015 17:06

RAMALLAH, West Bank - Gripped by financial crisis, the Palestinian Authority said on Tuesday it was putting an emergency budget in place for 2015 due to the absence of pledged international aid and Israel withholding its tax revenues.

"The general budget law for 2015 comes amid complicated and tough conditions, as the treasury is suffering a choking financial crisis," a PA cabinet statement said.

Israel said in January it was freezing $127 million of monthly Palestinian tax revenue that it collects on behalf of the Palestinian Authority, in protest at the Palestinians' decision to apply for membership of the International Criminal Court and pursue war crime charges against Israel.

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