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IMF warns Palestinian finances ‘increasingly precarious’
WASHINGTON – The Palestinian Authority’s fiscal situation is “increasingly precarious,” the International Monetary Fund warned on Thursday.
The IMF called for urgent action to help it close a gaping budget deficit and to stabilize the economy.
In a report prepared ahead of a donor meeting in Brussels on March 19, the IMF said the Authority, which exercises limited self rule in the occupied West Bank, faced mounting debt on domestic payments, including on civil servant wages and rising domestic bank debt.
The aid-dependent Palestinian Authority (PA) has been in a financial crisis fueled by a drop in assistance from Western and wealthy Gulf backers, renewed tensions with Israel and a need to meet an expanding public sector payroll.
The IMF projected a financing gap of about $400 million for 2013, which includes expected donor budget support of $1 billion and payment of 2012 wage arrears. However, the funding shortfall could reach $700 million if donors fail to deliver on aid promises,the IMF said.
More: http://www.jpost.com/MiddleEast/Article.aspx?id=306523
2013-03-14 18:47:21
Source: http://yeoldefalseflag.com/thread-imf-warns-palestinian-finances-increasingly-precarious
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