The Palestinian National Authority (PNA) on Saturday welcomed the World Bank's new strategy to support Palestinian private sectors and strengthen public institutions.

"The new strategy is important," said Ahmed Majdalani, the Palestinian minister of labor, "It considers the financial crisis of the PNA and monitors the volume of obstacles Israel puts on the way of Palestinian economic growth."

The World Bank endorsed the Interim Strategy Note for West Bank and Gaza that outlines the direction of assistance from 2012 to 2014, the organization said in a statement.

The World Bank also recommended the Board of Governors to authorize a replenishment of 55 million U.S. dollars to help Palestinian private businesses, graduates and the PNA's institutions.

Majdalani called for "a serious international pressure on the Israeli government" to stop its restrictions that hinder a steady growth in the Palestinian economy.

He also voiced hopes that Arab countries will endorse similar decisions and meet their financial commitments for the PNA.

Meanwhile, Majdalani said that the PNA will not pay March salaries for its employees before mid April due to a lack of cash, blaming it on the delay of foreign aid, especially that from the Arabs.

The deficit in the PNA's budget exceeds 1 billion dollars.