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The economy of the State of Palestine refers to the economic activity of the State of Palestine. Palestine receives substantial financial aid from various international donors, including governments and international organizations. In 2020, the inflation rate of -0.7% and unemployment rate was 25.9%. [20]
In October 2014, the Cairo Conference on Palestine, an international donor conference on reconstructing the Gaza Strip, garnered $5.4 billion in pledges, of which $1 billion was pledged by Qatar. Half of the pledges were to be used for rebuilding efforts in Gaza, while the remainder was to support the PA budget until 2017. [66]
October and November 2011: transfers suspended following Palestine's bid for full membership in the United Nations and admission to UNESCO. [31] [40] December 2012: transfers of $100 million suspended in response to Palestine securing an upgraded status in the UN pursuant to United Nations General Assembly resolution 67/19. [30]
Chief of Gaza's parliament's budget committee Jamal Nassar said the 2012 budget is $769 million, compared to $630 million in 2011. [ 87 ] According to OpEd columnist Thomas Friedman of The New York Times , Gaza has been woefully mismanaged by Hamas: Gaza is pumping all its drinking water from its coastal aquifer at triple its renewable rate of ...
In 2016, the fund for Palestinian prisoners had a budget of $125 million, according to the Palestinian Finance Ministry. [ 7 ] As of 2018, Palestinians claim that the payments include more than $10 million to support purchases for food and clothing at the prison canteen.
Shipment of luxury cars to Gaza, 2012. The Second Intifada led to a steep decline in the economy of Gaza, which was heavily reliant upon external markets. Israel—which had begun its occupation by planting approximately 618,000 trees in Gaza in 1968 and improving seed selection—over the first 3-year period of the Second Intifada, destroyed 10 percent of Gazan agricultural land, and uprooted ...
The government recently increased the national budget by approximately USD19bn and projected a 6.6% deficit for the current year, largely due to war-related expenses. In response to these economic pressures, major credit-rating agencies such as Fitch Ratings, Moody’s, and S&P Global are evaluating Israel's A+ rating for a potential downgrade ...
The Finance Minister of the Palestinian Authority is the head of the Palestinian National Authority (PNA) branch that is in charge of finance. The minister deals with launching audits, collecting tax from Palestinian businesses and overseeing financial aid directed to the PNA.