| Shortfall delays payment to Palestinian public servants |
| Last Updated(Beijing Time):2012-07-04 10:47 |
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The Palestinian National Authority (PNA) on Tuesday announced that it will not be able to pay its employees on time as its financial crisis has worsened.
"The salaries might be a week late or more," said Nabil Qasis, the minister of finance, attributing the crisis to the lack and delay in foreign aid.
He added that the shortfall is the hardest in three years.
Last month, the PNA said it can no longer get loans from local banks because government borrowing has reached the maximum allowed limits.
The PNA faces a severe deficit of more than one billion U.S. dollars due to a continuous drop in donor aid. The shortfall is partly related to the absence of progress in the peace process between Israel and the Palestinians.
Every month, the PNA needs 150 million dollars for paying public servants. |
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