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Banks to lend PA $100 million
Published Wednesday 19/12/2012 (updated) 28/12/2012 12:09
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GAZA CITY (Ma'an) -- Palestinian banks will lend the Palestinian Authority $100 million to see it through a financial crisis caused by Israeli sanctions, the Palestine Monetary Authority chief said Wednesday.

The PMA reached an agreement with bank representatives for the short-term loan that will be repaid when the Arab League delivers its promised financial security net, Jihad al-Wazir said in a statement.

The Palestinian Authority has already borrowed over $1.2 million from banks, al-Wizar said.

The cash advance would enable the government to make partial payments of late salaries, the finance ministry said.

Government employees in the West Bank began a two-day strike on Wednesday to protest against a delay in the payment of their wages caused by Israeli economic sanctions.

Israel is withholding about $100 million in monthly customs revenues it collects on the Palestinians' behalf as punishment for their successful bid at the UN General Assembly last month to gain de-facto statehood recognition.

The Palestinian Authority was suffering a deep financial crisis even before the move, and has had to delay payments to its 153,000 public sector workers several times this year.

"This strike is against Israel's piracy," said Bassam Zakarneh, chief of the government employees' union.

"The situation is very grave and the services to the people are much reduced by the strike," he said. "(People) can't even afford transportation to their workplaces."

Government workers last received salaries for October, which were paid belatedly at the end of November.
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1 ) PA (fr) / Pa
19/12/2012 19:26
How come you don't publish the interest rate and the terms for repayment of this beggar-to-beggar loan? I thought the Arab League nations had pledged millions, yay nigh onto billions of ??? -- how come they don't deliver? What is the message they are sending to the PLO when they say things they have no intention to deliver on?

2 ) Yehuda Solomon / Israel
19/12/2012 20:18
" ... has already borrowed over $1.2 million from banks, " al-Wizar said. Correction: Make that $1.2 BILLION. @ 1), Good question regarding the loan terms but I'd refer you to the PMA's own site to see if you can get an answer: www.pma.ps Separately, Bassam Zakarneh has a good point: Our withholding of Palestinian taxes IS a form of piracy/"punishment" and (as I've said elsewhere many times) is very BAD for the Palestinians and for US. We should NOT force them to borrow.

3 ) shirley / australia
19/12/2012 22:50
the money is palestinians and AL will come throgh Kuwait gave 50 million just before UNGA vote and saudi 16 million to UNRWA GAZA few days ago and last yr before voteGulf states over abillion dollarsIsreal witholding this money is real problem and Isreal owes palestinain workers over billion in unpaid rights time for pals to also change tax agreements illegal pals should not pay for stolen recources water

4 ) Azzi from / Gazzi
22/12/2012 01:14
When the nonstate tribal arabs went to UNGA for unilateral action, they wilfully, knowledge-ably chose to thumb their noses at ALL prior negotiated, signed agreements. There NO longer exists any obligation for any nation/state to honor any agreements with the nonstate tribal arabs. You've done it to yourselves. You made your bed. Now lie in it.

5 ) Bettina / Kuwait
28/12/2012 21:17
Israel is an entity born from deceit, theft, lies, manipulation, intimidation and death. They threaten and blackmail the PA should they seek recognition by withholding Palestinian income is just another despicable criminal pathetic tactic. Whats new. Tell me something new...

6 ) Outlier / USA
02/01/2013 20:00
I suggest they get collateral for the loans.
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