Palestinian Authority Borrows From Banks to Renew Wage Payments
(Bloomberg) --
The cash-strapped Palestinian Authority will pay 65% of public sector salaries for May after borrowing 250 million shekels ($73 million) from banks, Finance Minister Shukri Bishara said on Thursday.
The Palestinian Authority said on June 4 it had rejected a monthly tax transfer from Israel to protest Prime Minister Benjamin Netanyahu's declared intent to annex land the Palestinians claim for a future state.
The Palestinian Authority's domestic income has dropped by 80% due to the coronavirus pandemic and its dispute with Israel, Bishara said at a press conference in Ramallah. If the crisis with Israel continues, the PA will only be able to pay 50% of salaries until the end of the year, he said.
Read more: Palestinians Reject Taxes to Protest Israel Annexation Plan
©2020 Bloomberg L.P.
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