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Three Million UK Pounds as support from Britain to the government of Dr.Fayyad to pay their debts to the private sector


Three Million UK Pounds as support from Britain to the government of  Dr.Fayyad to pay their debts to the private sector



London: The International Development Minister of the United Kingdom, Douglas Alexander announced yesterday his assurance of the United Kingdom support for the Palestinian Emergency Government and to provide three million UK pounds to allow the government to begin repaying its debts to the private sector. The support is also in order to help the formation of President Mahmoud Abbas new government. This declaration makes the United Kingdom one of the first countries to provide direct financial support to the Palestinian Authority. Alexander said that”Helping the Palestinian Authority pay their debts will increase the abilities of Palestinian companies to continue their business as for investments and employing more citizens”. He continued saying that ”The United Kingdom is working with President Abbas and Prime Minister Fayyad while they seek to make the Palestinian Authority more responsive to the urgent needs of all Palestinians. But in the end, the only way to ensure the benefits of the Palestinian people in the long term is to abandon all acts of violence and work towards a solution of two states”. The British Consulate-General in Jerusalem said he will be handing over the funds via the Ministry of Finance, which is assumed by Dr. Salam Fayyad.It will operate an international accounting firm to ensure that funds are disbursed only in the aspects assigned to it, and will check the validity of all outstanding invoices by the United Kingdom approving the reimbursement on behalf of the Palestinian Authority. Once reimbursed the company will lead the screening process again to ensure that procedures were followed properly in all steps. It was added that ”The United Kingdom’s decision will lead to supporting the private sectors needs which has suffered during the economic crisis last year. It also provides support for the Palestinian Authority to pay salaries to employees in the public sector more easily rather than directing scarce funds to repay debts.




Al-Quds index declines by 0.20% in the penultimate week of September

Medium liquidity with the start of routine anticipation for the 9M 2017 financial data disclosures

A transaction on the stocks of PALTEL raises the liquidity levels this week



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