BREAKING NEWS

World Bank: PA needs $400 million lifeline for 2012

SEPTEMBER 19, 2012 05:13

Development of Area C is necessary for sustainable Palestinian economic growth, the World Bank said in a report it published Wednesday calling for donor countries to pledge $400 million to fix a shortfall in the PA’s 2012 budget when the Ad Hoc Liaison Committee meets in New York on September 23.

“Donors do need to act urgently in the face of a serious fiscal crisis facing the PA in the short term,” World Bank Country Director for the West Bank and Gaza Mariam Sherman.

“But even with this financial support, sustainable economic growth cannot be achieved without a removal of the barriers preventing private sector development, particularly in Area C,” she said.

According to the report, the Palestinian Authority is projected to have a $1.5 billion deficit by the end of 2012, for which only $1.1 b. has been raised from donor countries.

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